One of the most important things you must have to qualify for a loan to Buy a Home in Charlotte, NC or SC, is a perfect payment history for the last 12 months- this means on time payments for EVERY bill and ALL accounts that are in your name and everyone else who will be on the loan. If you don't have this payment history, you need to start today.
We have recently helped Buyers with 12 months of perfect payment histories purchase homes - even though their middle credit scores were just over 580 FICO. Lenders look at the middle credit score. If you meet the criteria in the Trulia Blog "I have bad credit and no savings. Can I get a home or am I stuck renting?" (http://goo.gl/1gbem
) and have a 580+FICO, you can almost certainly get a loan with 3.5% down and maybe less. We also know of several lenders that do not require a minimum credit score for income qualified buyers.
The down payment amount (e.g. 20%) will affect the total amount borrowed and therefore your monthly payment more than it will your interest rate. More info about credit scores is in the below web reference. We can also help you find lenders with good interest rates. If you appreciate an answer, please give "thumbs up". For the most helpful answer, please say thanks with a "best answer" click.