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Nicole B | Can I get a home loan for 99,900 with an income of 44,000 and no downpayment. ? |
My credit score is 575 and my husbands is 595 and we have not been late on a rent payment ever. |
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Rush is a band
 |
Income is OK related to home loan amount (just guessing without debt info). Almost no one can get a 0 down loan anymore. Maybe I could with a credit score over 800, but you can't.
Your credit scores won't let this or any other mortgage happen right now. You need to be in the 600's, preferably above 675.
good luck!
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mortgage underwriter
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Credit score is too low for any loan with my bank. You need to have a great score to get the far and few between 100% financing loans out there. |
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Doctor Deth
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not with those low credit scores - you'll probably need at 5-10%, plus a another 3-5% cash for closing costs - you would have to be over 700 score to have any shot at a no down pmt Mtg anymore |
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Pengy
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Its not just the score but the amount of debt you are carrying, yes you can go FHA and have the seller contribute 6% (which is about what the closing costs are) but you will have to come up with the money prior to closing for insurance, down payment, inspections etc, then that is reimbursed at closing. |
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Judy1
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With credit scores like that, most likely not. Even with good credit, loans with no down payment can be pretty hard to get these days - especially if you don't even have the money for closing costs. |
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Thundercat
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There are very few no down payment options. You would likely need a score >650 to even be considered. With your scores under 600, it indicates you may have had some credit problems or have too high debt load currently. Focus on paying down some of your short term debt and save money toward a downpayment (your score will go up over time). Most banks will want 5% or more to make it simpler to obtain a loan. Let's say you buy a house zero down right now. Then in a year something happens which requires you to sell and the housing values are roughly the same. Realtors charge about 6-7%. You would have to come up with the 6% out of your pocket just to break even. So buying zero down now would put you upside-down in your loan day one.
I've heard a rule of thumb that the house price be no more than roughly double your income. |
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golferwhoworks
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yes it can be done just get the seller to pay closing cost and prepaid expenses plus get them to participate in a down payment assistance program and FHA will do this loan as long as you meet the debt ratio requirements, and the rest of the credit is ok.
I am a Mortgage banker in TN & KY |
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Cheryl G
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You're going to have to work on those credit scores. Right now you don't qualify for a loan at all. The rule of thumb is you can qualify for a loan up to 2.5 times your annual income, but only if you have good credit.
There's a lot on the market right now. See if you can find a place with an owner who will let you rent with an option to buy. A portion of your rent each month will go toward your downpayment. At the end of the lease, you'll have an option to purchase the property. During that time, work hard to get those credit scores improved.
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