Home Buying in Middleburg>Question Details

Cathy, Home Buyer in 32068

Currently have 572 credit score-what are chances of purchasing a 90,000.00 home in Middleburg Fl-how much of a down payment would I need?Thanks!

Asked by Cathy, 32068 Wed Jul 13, 2011

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how much down payment do i need to buy in las vegac nv. i have a score 670 want to buy a home 90,000.
0 votes Thank Flag Link Thu Jan 24, 2013
i have 650 score how much would i nee down on a 90,000.00hom3
0 votes Thank Flag Link Thu Jan 24, 2013
Q: Currently have 572 credit score-what are chances of purchasing a 90,000.00 home in Middleburg Fl-how much of a down payment would I need?
A: It'd depend on what loan program you are applying for.

With scores around 572 it usually is indicative of some bad credit at some point. With bad credit, all is not lost, because it depends on just how bad the credit is. You know your scores, so likely you also know what is on your credit report, and that is just as important as your scores. How has your past 12-36 months of credit history been?

FHA mortgages require a 500 credit score, and most FHA lenders minimum score requirements tend to be 600, 620, or 640 - with FHA anything less than a 580 score requires a 10% down payment, otherwise just 3.5% down is required.

VA mortgages have no score requirement, but VA lenders score requirements are similar to FHA's. VA is 100% financing for Veteran's.

USDA Rural Development mortgages are 100% financing, and have no score requirement - however if you go through a lender most will have 620 or 640 minimum scores, but if you go Direct to USDA they do not have any minimum score requirements, but it takes a little bit longer, and in a lot of situations just 12 months of clean credit is needed - Middleburg, FL is an eligible area. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do to check the eligible areas and also if your income is not too high/within eligibility limits as well.

Fannie Mae & Freddie Mac mortgage programs require a 620 score, however with less than 20% down you will likely need at least 660-680 scores.
0 votes Thank Flag Link Wed Jul 13, 2011
We have some lenders that can go down to 580. You are looking at 5-10% down payment and tighter debt to income ratios. However, even with a 580 you still need to overcome other obstacles. There are reasons why your score is that low. At those levels lenders look for certain behavior. For instance they would look at your history and if they see that for the most part you had a good history up to certain point, and maybe went through some hardship such as the loss of a job, sickness or other major event, and as a result your credit took a hit but now you are back on your feet, and you can demonstrate that you have your act together, they would look at you favorably. But if they see a consistent pattern of irresponsible behavior you are not going anywhere. The requirements are a tad easier with at least a 600 score.

I would be happy to examine your credit report and make some recommendations. Call or email me for a free consultation.

Jose Morales
Florida Mortgage Coach
“We Coach You Through the Mortgage Process”
561-432-9237
info@floridamortgagecoach.com
0 votes Thank Flag Link Wed Jul 13, 2011
CAthy the only person that can tell you is a loan officer. You should meet with a local and trusted loan officer, they can prequailify you at no cost and let you know if there are any mortgages you qualify for and what the down payment and closing costs will be, any one else is juts guessing
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Jul 13, 2011
Cathy,
You need to contact a lender or your credit Union. There are many variables in getting a mortgage and estimating how much home you can afford and how much your down payment would be.
Your first step would be to see if you qualify for financing and how much. That way you can plan on the monthly payment and if it is affordable.

Good Luck!!
0 votes Thank Flag Link Wed Jul 13, 2011
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