Home Buying in Lawrence>Question Details

Lukie_d, Home Buyer in Lawrence, MA

Can someone get a house with 60% down and 680 credit?

Asked by Lukie_d, Lawrence, MA Mon Mar 5, 2012

The house that I'm looking at right now cost about 250.000. This is also my first time buying a home.

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7
Joe Zingales’ answer
The answer is more than likely yes. It depends on credit and income. As a first time home owner, you can qualify for an FHA loan which requires 3.5% down. This would allow you to keep most of you $$ for any repairs or upgrades.
The best course of action is to contact a lender , get pre-approved and then hire a buyer's agent. If you need any recommendations, feel free to contact us at (978) 360-4743.
Web Reference: http://www.TeamZingales.com
2 votes Thank Flag Link Mon Mar 5, 2012
With that down payment most likely yes but there are many factors to consider when getting a loan. You need to sit down with a mortgage professional, it's not a yes or no answer
0 votes Thank Flag Link Mon Mar 5, 2012
If you have a steady income I'd say most likely, YES. Let me know
if I can be of any assistance to you in the home buying process.
Web Reference: http://www.homesbysolio.com
0 votes Thank Flag Link Mon Mar 5, 2012
Short answer is maybe...

Your credit score is acceptable your and your down payment is great. The last piece is your income. The monthly payment needs to be a certain percentage or less than your monthly gross income.

Talk to a mortgage broker and see what they can pre-approve you for. If you need names of some good mortgage people send me an email.
0 votes Thank Flag Link Mon Mar 5, 2012
Depends on your income. The credit score is fine.

However, check with someone who can advise you on finances as to whether you should put that much down. You typically want a "rainy day fund"--often with the goal to cover at least 6 months of your living expenses (so, typically, about half or more of your annual salary or wages). You definitely don't want to use all or most of your liquid cash. Further, with interest rates as low as they are it may not make sense in putting that much money in if you absolutely don't have to.

Congratulations on the solid credit score, by the way.

Hope that helps.
0 votes Thank Flag Link Mon Mar 5, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Yes! assuming you meet all other qualifications. Fanne Mae will allow down to a 620 credit score with 20% down
0 votes Thank Flag Link Mon Mar 5, 2012
Yes, So long as the loan amount is at least $75,000
0 votes Thank Flag Link Mon Mar 5, 2012
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