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what type down payment on a home 150k is required with challenged credit?

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October 12 2009 - Stone Mountain
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Profile picture for wetdawgs
Hey folks:  is it possible that after a year they've already had the answer they need?  

Use your time wisely - answer posts that aren't so old!!  You will then add value to the board, rather than waste everyone's time.
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October 28 2010

You mention "challenged credit" which means different things to different people.  Sometimes when a person thinks their credit is not that great it turns out that it isn't as bad as they think and of course it can happen the other way around as well.  There are strategies to increase your credit score and fast ways to "clean up" your credit and you don't have to pay a company to do that for you...you just need good sound advice and direction. One thing you could do is start by pulling your credit from a free trusted website such as annualcreditreport.com and clean up unwanted creditor reporting's by doing a dispute on derogatory credit remarks that are current or old. You will need to do the dispute with all three major credit bureaus since normally a loan officer will pull all three credit bureaus to establish what your middle score is for qualifying purposes. It takes between 20-30 days to wait while the major bureaus are checking into your disputes...If the creditor does not respond to the inquiry within the allowed time then derogatory credit history is removed. There may be a small fee to annualcreditreport.com to do the dispute but it is easy enough to do on your own, no need to pay tons of money to someone else for this service. This often can increase your credit score and "clean" up the appearance of your credit history. You don't want to have any one checking your credit during the dispute period and most people are pleasantly surprised with the results.  Good Luck!  

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October 28 2010
For the most part the lowest down payment option currently available is 3.5%. This is for a FHA loan, which, as mentioned previously, requires a 620 score. FHA guidelines do allow you to go lower than that, however, most lenders now require at least a 620 (and this is starting to go up to 640.) The lowest down payment you are likely looking at before any other fees for a 150K home is $5250.00.

If you are a veteran, VA offers a 0% down program. Also if you are buying in a more rural area USDA also has a 0% down program but there has been fund issues with USDA.

Good Luck!
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October 28 2010
3.5% down per FHA's guidelines.  620 score or higher is required.  Also, sufficient tradelines (pieces of credit/accounts) will also be required.
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October 28 2010
Your best bet is to talk to mortgage professional.  Banks are still very selective on who they will provide a mortgage too right now.  I am seeing very qualified byers getting turned away because banks are unwilling to lend on partucular properties.  Get you credit score from the three credit agencies.  These are free once a year.  Contact a direct lender or mortgage broker and see what they can do for you.  Most sellers will not even entertain an offer today with out a notice of pre-approvial and even then the sale can fall through.
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October 12 2009
Can you describe your credit a little more?  What do you mean by challenged?  People's opinions of their own credit can be very subjective.
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October 12 2009
 
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