We sold our home in a short sale in Nov. 2009

Asked by Explorer, Fleming Island, FL Fri Aug 24, 2012

We are now exploring the possibility of buying a home 0% down - our scores are 570-580. We recently asked our bank to process a pre-approval to see where we stand. Are we been realistic?

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2
Charles Chor…, Agent, Orange Park, FL
Fri Aug 24, 2012
Have to echo the response from Danielle. Mortgages are even difficult with 720 scores. Would recommend that you pull your respective credit reports and make sure what is on them is accurate. Once you clean up your reports then start working on improving the scores. Right now the best avenue possibly to investigate once the scores come up is FHA as they won't look so harshly on the short sale.

Keep focused on your dream and don't lose hope.

Charlie
0 votes
Danielle Sha…, Agent, Cape Coral, FL
Fri Aug 24, 2012
Realistic? No. Hopeful? Yes. There are only 2 types of 0 down loans I'm aware of available anymore - USDA & VA. USDA is restricted to certain areas since it is a rural housing loan and VA you have to be a veteran with eligibility. Unless you're getting a downpayment assistance grant I don't see how you're going to purchase a home 0 down and most of those programs require some money from the buyer.

Keep working on your scores (most lenders want a minimum of 620) and save some money for FHA; the 3.5% downpayment can be gifted to you or be your own funds and your closing costs can be rolled into your loan.

Good luck!
0 votes
thank you lots of new info, I was not aware of. Glad to know that is an extra bit of light at the end of the tunnel!
Flag Fri Aug 24, 2012
thank you - feeling more hopeful after your answers!
Flag Fri Aug 24, 2012
thank you so much!!
Flag Fri Aug 24, 2012
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