Home Buying in Staten Island>Question Details

Vctr5359, Home Buyer in Staten Island, NY

what credit score do I need to start looking for a 100% financing loan for a first time home buyer?

Asked by Vctr5359, Staten Island, NY Sat Oct 12, 2013

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7
Sanjeev Ahuja’s answer
You can get FHA financing at competitive rates with a middle credit score of 620 with 3.50% down payment. The down payment and closing costs can be gifted to you, so essentially will be no money coming from your side. There are many factors that determine whether you get the loan and get to closing table. It would be best to discuss you entire situation with an experience mortgage professional. Please contact me if you like more information.
Thanks

Sanjeev Ahuja NMLS # 148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Ph 917-517-2552
NYS Registered Broker, Department of Financial Services, Loans Arranged through third parties NMLS # 885573
0 votes Thank Flag Link Sat Nov 16, 2013
Unfortunately, it is very difficult to find a 100% financing unless you are a veteran or seeking a USDA approved property. If this is the case, then you should look into a VA or USDA loan. Otherwise, the closest thing you can do is an FHA loan that only requires a 3.5% down payment along with closing costs. This will probably be your best bet and you may need to save for this. The minimum credit score I have been able to give for an FHA is 580. Either way, you should speak with a lender like myself that would be able to help you with your questions when it comes to financing. Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
1 vote Thank Flag Link Fri Feb 14, 2014
Hi Victor,
As mentioned there are 100% options for USDA or veteran eligible homebuyers. As well FHA will allow gifted funds for the down payment of 3.5%. I can work with a 600 credit score and in some cases a 580 credit score. However, whether or not you can qualify with these scores depends on other credit, income, and asset factors.

I also have pretty good success increasing my clients scores through the process even if they do already qualify. Often this results in a better inetrest rate for them by the time we go to settlement.

I'm available to help you at your convenience if you wish.

I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage. Everyone likes to raise their score!

If you like my answer, consider clicking on a “Thumbs Up” or “Best Answer”

Regards,

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:

http://www.loansfromrob.com/quote/
1 vote Thank Flag Link Wed Jan 22, 2014
Generally 100% financing is given for VA loans, USDA Mortgages; FHA loans require a minimun of 3.5% down and most lenders prefer a 640 credit score. For a personalized answer visit with any licensed loan officer; also see link for possible helpful information.
http://www.nyshcr.org/Agencies/SONYMA/
1 vote Thank Flag Link Sat Oct 12, 2013
For any loan, the minimum is typically 640, but I've heard of some banks offering loans with lower scores. But the 100% financing is tough to find. I would talk to a local lender and see what your options are.

This is why we had the housing market meltdown a few years ago -- there were too many people who didn't qualify, and were getting 100% financing -- then everything came crashing down.

I would suggest you work on your credit score, and start saving money for a downpayment. For FHA the minimum is only 3.5% Think about it. If you don't put any money into it, then what's to keep you from stop making payments??? You have zero invested in the house.

And if you have zero money saved what happens when your furnace dies this winter, or your hot water heater breaks, or whatever. How will you pay for that.

Buying a home costs money.
1 vote Thank Flag Link Sat Oct 12, 2013
I've worked with clients that had no credit because they always paid cash so there are ways to work with that but you also need Good positive cash flow in you cash flow to debt ratio. I work with 2 banks so let me know if you need help.
Web Reference: http://Homesiterealty.net
0 votes Thank Flag Link Wed Jan 22, 2014
About 640, but you may have other compensating factors which would allow your score to be lower.

Best place to start is to hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Visit http://www.naeba.org for a referral to an Exclusive Buyer's Agent in your area.

I've had a book published on Amazon called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll be the best $6 you've ever spent. Follow the link below.

Best of luck!

Alysse Musgrave
214-734-3863
Alysse@HelpUBuyAmerica.com
http://www.helpubuyamerica.com
0 votes Thank Flag Link Sat Oct 12, 2013
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