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Answers (8)
- Steven Guagliano, "advappraisals1"
- Contributions:30
If you are a vet go VA for sure, otherwise USDA is a great option. More areas in CT than you think are considered rural by USDA, you may need to boost your ficos a bit though. These days you need about a 650 midscore FICO. You could for a couple of hundred of dollars or so get some credit help, I am a local appraiser/realtor and I have sent a lot of my buyer clients to mortgage folks for what is called a "rapid rescore", it could get you where you need to be on your fico quickly. Good luck, if you wanted some free help email me at advappraisals@gmail.com.
- Brian Baker, "The Baker Team"
- Contributions:37
A mortgage professional should analyze your credit report to see why you have such a large discrepancy between the three scores. Renting is not a bad option, however, depending on the purchase price you are looking at, if you can get into a home using an FHA loan and keep a payment comperable to what your rent payment is, I would see that as a win. Get your middle credit score above 640 (most FHA lenders) and you should be fine if that is the route you are looking to go
- Mark Markelz, "800askmark"
- Contributions:101
Keep renting to save for a future down payment and work on improving your credit scores.
Higher credit scores are the key in your situation. Another consideration is to find a landlord willing to "rent to own". Great concept which could prove very beneficial to you.
Higher credit scores are the key in your situation. Another consideration is to find a landlord willing to "rent to own". Great concept which could prove very beneficial to you.
- wetdawgs
- Contributions:26784
Thanks for letting us know what you've learned when you investigate.
It appears the steps are to understand why your scores are low and take action of improving them, at the same time saving up the down payment etc.
What one pays for rent may seem like a large amount, but over the last couple of years you've saved $10s of thousands by renting rather than owning due to declining property values, so you've not been throwing money away but protecting yourself in a way many wish they could have done also!
It appears the steps are to understand why your scores are low and take action of improving them, at the same time saving up the down payment etc.
What one pays for rent may seem like a large amount, but over the last couple of years you've saved $10s of thousands by renting rather than owning due to declining property values, so you've not been throwing money away but protecting yourself in a way many wish they could have done also!
- Melinda Ryan, "moloans"
- Contributions:36
VA and USDA are about the only loans left with no down payment and you will need to have higher credit scores. These days lenders are looking for a mid score of 650 or higher for VA, FHA and USDA. Keep working on rebuilding your credit and saving money for a down payment, closing costs and new home ownership.
Best wishes!
- Celia Butler Home Loan Diva, "At Academy Mortgage"
- Contributions:359
I do every loan in the book.
With your credit scores you are eligible for many loans BUT none that will allow you to get into a house without any money down. There are 2 programs, USDA and VA, that don't require a down payment. Unless you are a veteran the VA one would be off limits and USDA requires a middle score of 660 and to qualify credit worthy in other ways. Without looking at your credit report, based on what you wrote, it appears that only time will boost that middle score (which is what we use in mortgage lending). FHA loans might work for you ... but that requires 3.5% down. All money needed on a FHA loan can be gifted from a relative. Hope this information helps.
Sincerely,
Celia
- mike06040
- Contributions:2
I have money in savings and are paying $1400 a month for the house that I rent. I have looked into the rural development Loan but was told that my credit is not good enough. I have owned a home before and sold it when got divorced. I make decent money and am sick of paying someone elses morgage. I am looking to get out of manchester as soon as posible.
- wetdawgs
- Contributions:26784
If you are eligible for a VA loan, or a USDA loan (not likely in Manchester), you may be able to get a mortgage. But, is it wise? Home ownership has a lot more costs than renting so even if you are qualified for 0% down, if you have no savings I'd say you aren't ready.
Otherwise, start saving up your down payment, closing costs and a slush fund to cover the black hole of home ownership for the first year or two. It is far easier to buy a home than keep the home when your funds are lean.
Otherwise, start saving up your down payment, closing costs and a slush fund to cover the black hole of home ownership for the first year or two. It is far easier to buy a home than keep the home when your funds are lean.
608,632,701 credit scores any way to get a morgage with no down payment
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