Financing in Clairton>Question Details

Myacura, Home Owner in Clairton, PA

i have a 670 credit rating could i still be able to get a mortage for a 40,000 thousond home with 20 percent down

Asked by Myacura, Clairton, PA Tue Jun 26, 2012

i found a home for about 20,000 could i still get a mortage with 20 percent down

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If you don't mind living in a suburb or rural area, check out USDA Rural Development's direct and insurance loan programs. Both programs require 0 down payment, so you could use your savings for closing costs and/or repairs. There are income restrictions and a debt-to-income ratio. No PMI on either program, but a one-time guaranteed fee on the insured RD program that is deductible. Go to: http://www.rurdev.usda.gov/LP_Subject_HousingAndCommunityAss… and click on the tabs to the right side. The "Find Eligibility" tab works better with Firefox than Explorer. If you decide to buy a home through this program in Westmoreland County, please contact me: Virginia.Stump@remax.net.
0 votes Thank Flag Link Tue Jun 26, 2012
Your main problem, as Allan says, is the very low amount. You'd be talking about a mortgage of $16,000. The cut-off usually is around $50,000. Talk to your Realtor, but there are other ways to finance such a small loan.

Good luck.
0 votes Thank Flag Link Tue Jun 26, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Should be no problem BUT some Banks do not do loans under a certain amount. Best of Luck
0 votes Thank Flag Link Tue Jun 26, 2012
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