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momhay | Does anyone know where i can get 100% financing for a home with a credit score of 478-520 i'm a 1st time buyer |
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shamieya
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I don't think you want 100% financing with that credit score. Your interest rate would be outrageous. Search the internet, I'm sure you can find an 80/20 loan with a crazy interest rate, but I think you should wait until your score increases. Even 100% financing requires you to pay closing costs. Haven't seen many that include closing costs with that score. |
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smyler
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You can not get traditional financing with credit like that. Period. I've been in the industry for 14 years. The past year has been awful for us as many high LTV lenders have gone out of business.
Having said that, there are many ways to quickly clean up your credit and raise your score up. That is the fastest way to get to where you are trying to go. The fair credit reporting act helps consumers by allowing you to challenge various issues on your credit report. The lender has to prove that your information (that they report) is 100% accurate. If they can't do so in a timely manner, they are required to simply remove bad information.
The FHA program was set up to help people who have less than perfect credit to get into a home of their own. You simply need to have a year of good rental history, a small amount of savings and show a pattern of trying to be a good credit citizen for at least a year. The 203b program goes to 97% but it can be combined with downpayment assistance programs. On top of that, the seller can pay up to 3% towards your closing costs. That leaves very little for you to have to come up with. Also, the FHA does not automatically disqualify persons based upon credit score, so if you have been trying to clean up your act, you may have a shot at getting into a home soon. |
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Taneal B
 |
With that kind of credit score, you're better off trying to find a seller that is offering "owner financing". If you try and go through a bank, you're going to have to pay an OUTRAGEOUS interest rate (if they even offer you a loan, which I doubt because of your score). With owner financing, you'll be able to find a better deal, because you can find owners who offer better terms than a bank loan. |
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JeffyB
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Russian Mafia |
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datgirl88
 |
Just check around with EVERY bank around you (Particularly LOCAL banks, rather than nationally known ones.) We found a local bank here that gave us 100% financing with NO credit. The only thing they checked for in this program was that we didn't have more than $1000 in debt or back child-support. ANd it had to be our first house.
There ARE programs out there. Don't give up!
GOOD LUCK! |
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Sparta23
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Try: http://www.naca.com |
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sporregar
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Maybe an FHA loan, but if your score is that bad then even they might not accept you.
Most of the federal and state programs do require at least a 2% down payment, unless the rules have changed since I got mine.
Got to your local bank and ask them about the federal and state programs available. |
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MR MONEY
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Work on your credit. Find out if there are any errors, and make your payments on time for the next 6 to 12 months. You will see your credit begin to improve. Also, put together a savings account, not for a down payment, but for costs associated with your new home.
After 6 months of working on your credit and building up some reserves, get yourself an FHA loan. These are government loans, typically for people with credit scores between 560 and 620. The interest rates are competitive and there is a lot of flexibility. Definitly take the fixed rate loan, the lender might encourage you to take an adjustable rate... but don't do it. |
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Becky T
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I'm not sure how this works but check out Fanny Mae. That is how the people who bought our house got their loan.....and they have very strick rules about the home too. It has to not have any pealing paint and the inspection has to be really good---that is a good thing on your part.
Try the link http://www.fanniemae.com
Good luck house hunting!! It's fun!!!! |
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