Home Buying in Grinnell>Question Details

Kristidwell, Home Buyer in Grinnell, IA

i dont have a down payment,credit is fair,i have a co signer with little or no credit, do we qualify for loan?

Asked by Kristidwell, Grinnell, IA Thu Jun 4, 2009

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Talk to a local banker first to get pre-approved first. And if that bank can't help you, ask them to refer one that could. There are a couple of options that might work for you. You might qualify for a government guaranteed loan through Lincoln Savings Bank, Great Western Bank, or Community 1st Credit Union here in Grinnell. University Of Iowa Credit Union in Grinnell might be able to an in house loan. Give them a shot. Once you've well informed about your buying potential, you will be able to make that next step to support your buying a home. Give me a call if you like 641-260-0672106. I'm happy to provide any guidance as get ready to purchase.
0 votes Thank Flag Link Tue Jun 24, 2014
You can use the tax credit on an FHA loan only and you still must have a 620 credit score and the 3.5% down payment. you can use the $8000 on top of your down payment or for closing costs. If the USDA program is available in your area,this might be your best option. This is a no down payment program with less stringent credit requirements ,however there are income and loan limits. You must purchase in what is designated a rural; area,and that designation is pretty generous.
0 votes Thank Flag Link Thu Jun 4, 2009
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