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Answers (10)
- T.C. Whiting, "TC_at_PNC_Bank"
- Contributions:332
We'll go to 580 on FHA which is 3.5% down. There may be a down payment grant you can get for another 3% depending on where you live. That's half a percent down...
Oops that was a repost... didn't know I answered this one already...
- Jason Hall, "RapidRescoreCredit"
- Contributions:107
Online credit scores aren't the same as what lenders use. They have different scoring models, and your online scores are merely as a reference tool to see if your scores are going up or down from the last time you checked.
They do offer a general idea as to where you stand, but aren't to be confused with "FICO" scores that the banks use.
They do offer a general idea as to where you stand, but aren't to be confused with "FICO" scores that the banks use.
- Angela4539
- Contributions:5
I contacted a mortgage lender and was told I could qualify for a mortgage up to $80,000, which doesn't buy much in my area or surrounding counties. I was told that my credit score is 641. Now the weird thing is that on Credit Keeper (where I keep track of my score monthly), on July 9th my report shows me 3 different scores than the information that was sent to me from the lender on July 14. How is this possible?
- T.C. Whiting, "TC_at_PNC_Bank"
- Contributions:332
Yes on FHA with 3.5% down (580 minimum Fico). We often can combine that with a homebuying grant for 3%, bringing the downpayment to half a percent. Whether such a grant exists for you or not depends on location.
- Jody Hale, "Jody B. Hale"
- Contributions:51
Yes, you are so close, typically a 7 point increase can be achieved. homeownership is quite a responsibilty. Have you really looked at your budget to eliminate things you do not need right now that would allow some room to save? Homepath has a special until October that might work for you, and you would have to increase another 7 points. Look at the special on the HomePath site. Then search properties by zipcode that you are interested in. Homepath does not require an appraisal - so that will help you reduce your upfront costs going in. I would be happy to work with you.
- Mark Nehs, Wisconsin, "WI Mortgage Lender"
- Contributions:250
Some lenders will allow an FHA at 613 which is a 3.5% program. A 620 credit score sounds like it is in your near future and even more lenders will allow a 620. I would make sure you want and qualify to buy a house by the numbers.
How long have you had your second job? If you just started we will not count the income.
Also what would your mortgage payment be? If you are barely making it at $1,060 that tells me you would need your mortgage payment to be $800 or less to have some breathing room. Will that get you a house you are interested in?
Here in the Milwaukee area less than $800 (PITI) will not buy very much.
I think one of several reasons we are in this mess is that buyers and then in turn the mortgage industry enabled everyone were just focused on qualifying and getting a tax deduction but not really on can I afford it. Not sure if this is you are not but I always start with what you can comfortable afford and then see if you qualify -- not the other way around. Good luck.
How long have you had your second job? If you just started we will not count the income.
Also what would your mortgage payment be? If you are barely making it at $1,060 that tells me you would need your mortgage payment to be $800 or less to have some breathing room. Will that get you a house you are interested in?
Here in the Milwaukee area less than $800 (PITI) will not buy very much.
I think one of several reasons we are in this mess is that buyers and then in turn the mortgage industry enabled everyone were just focused on qualifying and getting a tax deduction but not really on can I afford it. Not sure if this is you are not but I always start with what you can comfortable afford and then see if you qualify -- not the other way around. Good luck.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Highly unlikely(not happening) unless you qualify for VA or USDA.
- Teresa Howard, "YourPreferredAgent"
- Contributions:55
contents removed by Zillow
- SoCal_Engr
- Contributions:5666
What is the correlation between little-to-no down payment and minimal FICO to upside-down loans, attempted short sales and/or foreclosures?
- Shirley McHenry, "Buyers and Sellers"
- Contributions:8
I recommend you contact a loan officer. A USDA loan might work for you but the home must qualify. Please contact me directly for more information.
Is it possible to get a mortgage with no down payment, or very small down and a score of 613?
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