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!
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Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist
Direct: 240-752-7549 Cell: 301-651-7822
Rate quote or live chat with me at the link below:
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.
Sanjeev Ahuja NMLS # 148731
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