That is such a broad question to be totally honest with you. As you can see everyone on this forum answered your question in many ways. The best way for you to find out what kind of credit you have to have is to have your local loan agent pull your credit, and to have your local loan agent review your income. You can forget about stated income and stated asset loans from the past, or loans where you didn't have to prove that you had the capability to repay your mortgage. Nowadays, even with loans that have lax underwriting credit score requirements, you still have to prove the capacity to repay the mortgage, and you have to be able to show that you have saved up some money. You also have to show continuous employment. Depending on credit scores won't do you any good. Lenders nowadays look at the whole picture.
There are ways to buy a home and get into a home through creative financing; however, your local loan agent and your local realtor need to work on first figuring out what you qualify for, then developing a list of homes where sellers may carry, homes where you can use down payment assistance money for, etc.
Hope this helps. :)
That is where you should go and check it out then check out at local HUD office to see if there is any available programs. You can check out on the website to see who is the certified lender who are authorized by the city. I am not specialized in your area but I am certified in the Bay area. If you have more question, call the city or HUD in your area to ask for more information. Good luck.
Dont rush out and get a loan from the first person who finds a "creative" way for you to get a loan. I have seen far too many who were taken advantage of and are now facing foreclosure or....worse.
Perris is another story. The highest foreclosure rate in the State is in Perris. Not good when it comes to longer term vision. Add to that the fact that builders in the area have hundreds of unsold homes and are still building more. If you have made a decision about Perris....WAIT a little while. Home builders with excess inventory will be offering some fantastic bargains in the very near future. Deciding on which builder and which area is a little more difficult. That is where a real estate professional with knowledge of new homes will be worth talking to. Whatever your decision, take your time and make certain that all involved have YOUR best interests at heart! Good luck in your home search! This can be a great time to invest....if you do your homework.
Perris is a nice area. I drive pass it on my way home and to work. There are also several new home builders in the area that Iâ€™ve partners with that have wonderful loan options. Your credit score should be 620 or higher. At 720 you are golden. But there are other programs out there for lower scores. Just be careful that the interest rate is not sky high and wont triple in the next 2 years. This got a lot of buyer in trouble in the past few years. Like any real estate deal contact a good agent and have them help you get yourself in the home of your dreams.
There are some wonderful programs for first time home buyers! There are programs that will help you with down payment assistance, there are programs that will help you get a lower interest rate on your loan, and there are programs that will allow you to get a bigger tax break. There are programs available from the State of California, some from different counties (including Riverside County) and some for specific cities. Some require you to have very good credit, and some don't look at your credit at all. Ask your REALTOR(R) to refer you to a lender who specializes in first time home buyers. If your REALTOR(R) doesn't have a loan officer to refer you to, have them call me for the name of a loan officer that works these programs. Thanks and good luck!
The important thing is to work with a lender and a Realtor you can trust. There are many first time home buyer programs and, depending exactly where the home is located, there may even be financial help for you. In today's market you do need good credit and a high FICO score, above 700, is what financial institutions are looking for. You can also count on lower payments if you can put some money down on the house, but it isn't always necessary. Also Since I am a Realtor, in Riverside, and not a lender I dont' want to give lender advice. But I do have some great lenders and Mortgage Brokers I could refer to you. Let me know if I can be of help!
Programs are available for first-time homebuyers depending on where you live. In the City of Chicago, many programs exist to turn renters into buyers. There are incentives for first-time buyers, teachers / police officers / firefighters, as well as those looking to purchase a historic bungalow. It is important to work with someone who is familiar with these programs and can use them to your advantage.
The lower your score, the fewer options you will have. It won't mean that you cannot buy a home, but you might have to buy a lesser priced home if the interest rate purshes up the monthly payment. A lower score does not mean you cannot buy, but you are higher risk and therefore will receive a higher interest rate. After a year or two of good payment history, you can refinance for a lower rate. If you have very good credit, you will get more favorable rates, and have more options.
There are programs available to help first time homebuyers, and these vary by geography. Search the internet for those terms to find a Realtor who is more famiiar with the programs available in your area. There are also grant programs that might be available in your area. Nehemiah is one example, and they are national. Contact Nehemiah to find out if there are any homes in your area. There are other programs similar to Nehemiah, but do check out their credentials.
Your best bet is to find a lender and realtor who specialize in that market. Check your local library for any seminars. In some areas, libraries allow the use us of meeting rooms for seminars for that purpose.
The credit score should be high, more then 720 now, because many lenders are scrutinizing your credit history. The lender's programs are depends on many factors but the better your credit score and income,the better program you could get. Even if you have one of the factors, high credit score or income, you could count on very good program. However, you should always to look for knowledgeable mortgage broker.