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Mortgage for 620 credit score with no money down

Trying to get information on obtaining a mortgage for approx $170K - $200K with no money down. Credit score for 2 co signors: #1 income $85K/yr with credit score of 628, #2 income approx $20K/yr credit score 658. Have been paying rent at condo for 6 yrs ($959/month) and never late. Want to purchase home, but concerned about credit scores and no available money down.  Any suggestions?

Thanks in advance
  • February 27 - Robinson
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Answers (9)

Contact a mortgage broker to review your entire financial picture to find out what makes most sense to you.  They should have access to multiple lenders and programs and guidelines in one phone call.
  • March 20
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No money down is difficult.  ARe there any other assets you can borrow against (or liquidate) to come up with the down payment money, such as a 401k, IRA, or a retirement plan?  That might do the trick for you.
  • March 03
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My suggestion is not to jump the gun. It will be In your best interest to work on improving your credit score and get yourself into a better position to buy. We could look at using a state agency but these programs do have a downpayment requirement (3.5%) . I would be more then happy to sit down with you and go over these things. in our area their are not many options for0 down [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • February 28
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You might take a look at the Pennsylvania HUD website. They have links to other housing offices and programs listed by state, county and town. Hope it helps.
  • February 28
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It will be extremely very difficult to obtain mortgage without a down payment. Unless you are a veteran or seeking a USDA approved property, it's another story. 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, there are other low down payment options that you should consider. FHA is the closest thing you'll get with 3.5% down along with closing costs. There are also some programs that can assist with down payments. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • February 28
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There are options for sure. Reach out to a well-reviewed Loan officer and they will be able to point you in th right direction. Thanks,
  • February 28
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"No Money" down program are far in between.  Even USDA and VA you have to have some skin in the game.  We have programs available with "limited" funds needed and your scores are below average but would fit into some of the programs.  Its really hard to say from just this post but if you would like to look at options please contact me.
  • February 28
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Depending on what City and State you want to buy in, there many many options out there. Let me know if you need assistance.

Best of Luck!
  • February 28
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  • February 27
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