Profile picture for robin ruffin

are there any loans out there with night so good credit for 1st time home buyers with a large down p

  • October 30 2009 - Kissimmee
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Answers (4)

In short YES...
- If you have lot$ of money and bad credit you can get a house
- If you have no money and good credit you can get a house
 
since you are a 1st time buyer I would suggest contacting an agent. not just any off the street but one who is used to working with 1st time buyers who can point you in all the right directions. In my area I have seen loan programs that will still give in this current climate to first time buyers with scores in the 500s

so they are out there you just have to know where to look

  • November 04 2009
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Profile picture for VanKeef
Do you know what area that you are looking in? You might qualify for a USDA loan depending on the county you are looking to buy in.
  • November 04 2009
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Hi Robin, good afternoon,

A large down payment is a great compensating factor for not so great credit.  Conventional, USDA etc.., loans are all great programs but have score requirements so which program to go with really depends on what your credit score turns out to be.

If I can assist in any way, please don't hesitate to let me know.  Enjoy your day !

  • November 03 2009
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Profile picture for sunnyview
I don't think that there are right now. I believe the the USDA had a nothing down program for eligible properties, but I though that I had read that they were out of money this year. The only other option that I know of if you qualify might be FHA with their 3.5% down payment requirement. There may be other options too. You might consider reposting your question in the mortgage forum here. The lenders there are very helpful and up to date on all available programs.
  • October 30 2009
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