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tlee933 | Being a 1st Time Home Buyer What is an acceptable Credit Score for a 100 % Finanace? |
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yanks006
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1st time home buyer here. Just purchased a home for 159k and received interest rate of 6.58%
Just realize that the PMI insurance is high. |
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Sassy Redhead
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You can buy now with 100% financing if your score is around 600. My mom just got an FHA loan with 7% financing, no money down with a credit score of 590-620 on her three reports. |
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boomba
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Three years ago it took a score of 670, In the current market I would say your looking at about a 690 or better |
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NShammas
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Credit, income, and another number of factors are needed in determining eligibility of 100% financing. But to answer your question, 100% financing is possible for scores as low as 620. There are other programs available with financing available up to 97% with scores as low as 500. And that 3% down payment can be a gift, or even possibly a grant. I'm a Senior Mortgage Banker with a large mortgage company in Chicago. If you have any other questions, you can contact me directly at NShammas@panamlending.com. |
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J R
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For a first time home buyer the likely hood of getting 100% financing is very dim. You will need a 720+ score and be able to fully document your income. You will also have to have a minimum of 3 months principal and interest payments in the bank. Most banks are getting away from 100% financing only because the way the market is going, the home you buy today will be worth less next week. |
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Buckwheat
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anything in the high 600's these days. Banks don't care anymore; they will just screw you on the interest rate.
Be careful to read your loan terms very carefully, and I suggest staying with 30 yr. fixed. The reason the real estate market is so lousy right now is because banks and mortgage brokers are out to screw people any way they can on sub-prime and interest only loans, and so far have ruined many people's homeownership dreams with their greed. READ EVERYTHING THOROUGHLY. |
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D B
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You will probable need in the low to mid 700's. Check with your realtor if you need downpayment assistance, it is available. |
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Carolinahomerates.com
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FHA doesnt have a score requirement....
MyCommunity/HomePossible would be a 620 minimum middle credit score for the lowest PMI payments |
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Michel C
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The answere is they are changing every day and people that lenders will throw money at you dont know what they are talking about honestly. The subprime market has recently taken a huge downturn and have pretty much ended the 100% financing even on primary residences because of lack of money to lend and derpreciation in values... most fannie mae lenders may still have 100% and you need at least a 620. They all have different names for the programs, but things like "my community" or "home first" are things you should ask about... generally the best way to do true 100% financing is to offer close to asking price and ask seller to cover closing costs... check with the mtg professional as to how much credit for closing the lender will allow... anwhere from 3 to 6%... |
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nick k
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There is no true correct answer, you have many options out there. With FHA there is no minimum credit score but they are credit driven so they look at your credit for the last couple of years and if you have a good history over that period you have a great shot even if your scores are not that great.
Otherwise if you have 680+ you can qualify for about anything and over 700-720+ you will qualify for the best terms out there.
There are other community programs out there where you can get in around 620.
Many programs out there are not credit score driven but credit driven people do not qualify for loans just bsed on scores it is their overall credit. |
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