Home Buying in Dobbins>Question Details

Moondoggie, Home Buyer in Dobbins, CA

What are minimums for a 1st time buyer for credit and down?

Asked by Moondoggie, Dobbins, CA Sat Dec 19, 2009

Can a 1st time buyer still get no/low down deals, as well as current credits and such available for buyers with a lower credit score, but credit has just been cleaned up and working/waiting for creditors to remove any current credit/neg. credit and report closed and in good standing?What is min. credit score and down?

Help the community by answering this question:

Answers

3
Moon, while FHA doesn't have a minimum when it comes to FICO scores, most banks won't give you a loan if your score is under 620.

If you are over 620, you would need to find an FHA approved lender or a mortgage broker who works with banks that do FHA loans.

Your minimum down payment would be 3.5% of the purchase price. Your closing costs can be paid (up to 6% of the purchase price) by the seller.

If your score is lower than 620, there may be programs available through local housing or action agencies. Many states have them where you can go as low 500, but your rate might be much higher than if you go FHA.

Hope this was helpful.

Good luck.
1 vote Thank Flag Link Sat Dec 19, 2009
We have programs that can go down to 500+ scores. In CA we can finance with only .5% down. If you purchase a HUD owned home you can get it for $100 down or a Fannie Mae owned home for 3% down with no MI. Get into touch with me if I can help you. We can issue pre-approvals within 1 hour. We are a non-profit which enables us to keep our rates and fees low. P: 888-320-7888 - ken@mortgagesforamerica.org
0 votes Thank Flag Link Fri Jan 18, 2013
Work on keeping your score above 620, but if you can get over 680 all the better. There are some USDA loan programs for zero or 1% down. I have an excellent source for those types of loans when you're ready.
0 votes Thank Flag Link Fri Jan 18, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer