Financing in Franklin Lakes>Question Details

Rosb1288, Home Buyer in Franklin Lakes, NJ

What credit score range do i need to get a house as a first time buyer, no money down?

Asked by Rosb1288, Franklin Lakes, NJ Tue May 29, 2012

Help the community by answering this question:


Ian A. Wolf’s answer
Here is the link for the HMFA website:

There is plenty of information here on their 100% down program as well as Smart Start(grant for downpayment). There are other programs as well. You will definitely need at least a 630 to qualify. A lender I work with often who is familiar with these programs is:

Jeremy Knapp
Loan Originator
Annie Mac

He can help you more with regards to these programs if you are interested.

Hope that helps.
0 votes Thank Flag Link Tue May 29, 2012
Hi, Rosb1288. 100% financing is available only for vets now. If you're not one, the minimum down required now is 3.5% through FHA. Or 3% if the home qualifies for Homepath Financing. Minimum credit will very from lender to lender, but now typically a 620 or better is needed for FHA. Its 680 for Homepath.
0 votes Thank Flag Link Wed May 30, 2012
If you can afford Franklin Lakes, then you don't qualify for any 100% mortgages unless you are a Vet.
You should be saving money now (or have generous relatives). The lowest downpayment you could possibly get is FHA's 3.5% down.
0 votes Thank Flag Link Wed May 30, 2012
Most likely you would need 3.5% down, there are not that many 100% financing options available. But you need to get in touch with a loan officer whom can take into consideration your specifics as to income, credit and to get you qualified for an amount you are comfortable with!
0 votes Thank Flag Link Tue May 29, 2012
640 is the minimum FICO Score with most places.
0 votes Thank Flag Link Tue May 29, 2012
Rob, I see you're from Franklin Lakes, are you looking to buy in Franklin Lakes?
I have some amazing homes we're getting ready to list in the area ( I live in Oakland/ Franklin lakes and work in Wyckoff)
If you'd like some info on homes you may not have seen yet in the area give me a call.
Dianna Ivanov
Good Luck
0 votes Thank Flag Link Tue May 29, 2012
You might have some options depending on a few circumstances, I'd have to hear the details. Better yet, I have a great guy Mickey Bsllentine of REMN. Home Mortgage, he's knowledgeable, honest, he'll get right back to you & if it can be done he's the guy. He'll also be honest & tell you what he can and can not do without wasting your time.
Give him a call 973-202-2651 "tell him Dianna from Terrie O'Connor Realtors recommended him.
The time is perfect to buy a home!!
0 votes Thank Flag Link Tue May 29, 2012
There is a grant available for Bergen county, the American dream program not sure what it requires but apart from that in this area you need a 3.5% down payment for an FHA loan. USDA is not good for Bergen county but some towns in Passaic county qualify for it and most of Sussex county. You would need to contact a loan officer who can give you the best advise!
0 votes Thank Flag Link Tue May 29, 2012
Mia is right on the money. USDA does not apply to Bergen, Essex, Hudson or Union Counties. Parts of all other NJ counties do qualify. It is also an income restricted program. I have another way to 100% financing. Feel free to call me at 201-604-3485. Thanks.
Flag Tue May 29, 2012
There are not many no money down loans. USDA has a limited program and there is the Veterans VA loan, but all others require some money down. FHA needs only 3.5%.

You need to speak to a lender to understand what is available and what you can qualify for.
0 votes Thank Flag Link Tue May 29, 2012
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