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Debbie V | How much will I need to put down on a house is it still possible for 100% financing, My credit score is 695.? |
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mccray_51
 |
Your can get a 100% loan and no it is not a bad idea...I have one and still have my house...moved in with equity. Also your fico is almost a 700 you may have rate ding due to 695 but, you should be fine. I locked a 5.50 rate for 100% loan for a borrower just today 100% 1 loan with MI (which we bought off). You should have no down if you do it will not be over $2K especially if you have seller paid closing costs.
Enjoy your new home!! |
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tampabaycreditdoctor
 |
Still possible, and easy to do with the 695 under the right federal loan. You will have the option of choosing a program of 100% with or without having to pay mortgage insurance. You'll only need learn the options open to you and a good mortgage person should be able to get you there. In the present mortgage climate, hopefully the good ones are all that is left. |
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Quest
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go for it....talk to some agents |
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TPM
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Some got it right, others are way off. Believe the people that say you can get 100% financing with your credit score, it's very easy.
100% financing is still around, always has been and always will be. The mortgage problems were caused by UNQUALIFIED buyers taking adjustable rate mortgages to buy more house than they could afford. Fannie Mae, Freddie Mac, and VA have been doing 100% financing with fixed rates for years without issue. FHA financing is 97% and probaby the safest mortgages out there. The people saying otherwise are uneducated and read too much National Enquirer.
See a licensed professional that can explain the programs for you. |
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DAVE
 |
It is still possible to buy a home with 100% financing. There is a program called Fannie Mae My community.
This loan requires you to provide proof of income (no stated). |
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saeed q
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Yes, 100% is available.
Make sure to price out your loan with your LOCAL banks and mortgage brokers only.
A lot people giving advice on here are also looking to give you a loan (its not advice, its advertising), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON'T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO.
Remember Buddha's advice:
"Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is "selling" you something (its not advice, its advertising). Don't buy "it." |
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robert w
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sorry, the reality is if u put zero downyou are a bad risk and get higher rates and 'vacum'er loans.
visit library read 'house buying for dummies'
save up ur money and pay cash itis a form of financing. |
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chad k
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with your credit score it should be around 10% down but there are companys that deal with bad credit no down payments you usually have to go through a realtor for those companys.the first time home buyer says they can give out loans with 530 credit score or higher.also my bank is a credit union and they dont look at your credit score they go by your debt to income ratio so if you make good money and have little debt you will have no problem going through a credit union |
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moonbeam_2000g
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You might be able to rent a home from someone that wants to sell it. You rent with an option to buy. Let's say that you pay $1200 per month, and $300 of that goes towards a downpayment each month for 2 years. Make sure you lock in the purchase price up front. Now, if you makes the payments for 2 years, you have 36 months X $300 = $10800 for a downpayment and with appreciation, say 10% on a $100K home, the home is worth $110 K. Some finance companies will consider this a refinance. You only need $100 K - 10,800 or $89,200 to pay off the loan. Since the house is worth $110K that gives you a ratio LTV of 81%. You have to look hard to find a lender willing to do this, but it could be worth the effort. |
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Rick B
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Fortunately it is almost impossible to do 100% financing any more. It was never a good idea.
If you had excellent credit (which you don't) you might be able to get it.
You should save up a healthy down payment and work on getting your credit score up. You are not ready to buy a house. |
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