Hi i have a credit Score of 629 and have about 4,000 in cash for a downpayment .im i able to get a home loan..?
I think the reason you are questioning it is wise,...
You do need to know something no one below has brought up.
If you use the 4,000 for the down you will have no money for the closing costs.
While you will probably hear the seller can pay the closing costs.
Well this is not always the case in fact it is not the case nearly at all.
You will need some closing costs and you need to understand how much that will be.
So go ahead and talk with a lender, http://www.southern-california-home-loans.com or another one of your choice and ask upfront about closing costs.
If you hear the seller can pay all the closing costs, Just find another lender it is highly doubtful it wil happen. Sellers do not want to pay all of the closing costs. Lenders do not allow for sellers to pay all of the closing costs in most cases. They can pay non recurring costs.
My suggestion would be to shoot for a USDA or VA 100% loan if possible. If not there are some 1/2% down loans that may be possible. You will need to speak with a good Lender.
I do not advise going to buy a home with 4,000 on a fha and Have no closing cost money!!!
Harold Sharpe - Broker
So Cal Homes
California Department of Real Estate Broker License # 01312992... more