Profile picture for grishellp

Average credit? No down payment or minimum

interested in buying a home for my family but need assistance and at the same time very scared someone pulls a fast one on me because I really do not know what to do...
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January 14 - Miami
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Answers (4)

Profile picture for wetdawgs
One of the best ways to avoid encountering shady characters in the process is to study up so you know what to expect.   Zillow's buyer's roadmap is very helpful for an overview of the step by step process.   

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January 15
The lowest credit scores lenders like myself are able to do, is a score of 580. So if all your other finances are in place lenders can work with that score. It's also important to understand that you're ability to obtain a loan relies on other factors as well. These factors include income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. So when it comes to a down payment, it will be very difficult to obtain mortgage without one, unless you are a veteran or seeking a USDA approved property. If either of those apply to you, then I recommend that you look into a VA or USDA loan which do not have a required down payment. Otherwise, FHA is the closest thing you'll get with 3.5% down along with closing costs. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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January 15
If you live in Miami, it will be tough to get into a $0 Down home loan. FHA requires a 3.5% down, but with a Grant of 3%, you'll only need .5% out of pocket plus your closing costs which can be paid by a seller.  If you could buy in a Suburban or more Rural Area, the USDA RDL is the loan of choice. With $0 Down, low low monthly mortgage insurance, it makes it (other than a VA loan) the most attractive loan out there with less than 20% down.

Best of Luck!
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January 15
Depending on where you live, there could be city or county grants which would give you money towards your down payment. There is also Rural Housing loans (USDA), if you buy in a qualified area. A local loan officer in your area should be able to assist you and point you in the right direction for down payment assistance.
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January 14
 
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