Posted on: 08th Jul, 2010 06:30 am
This is situation for my cousin and her husband. They are first time home buyer.My cousin's credir score is 585 and her husband's credir score is 680.Will they still be able to get a home and a decision rate? What downpayment assistance programs are offered for first time home buyers?
Will your cousin's husband qualify for the mortgage by himself (with his own income)? If so then that would be suggested as lenders always take the lowest score from all borrowers and there will be many more options with a 680 score than there will be with a 585 score. FHA loans actually require a 3.5% down payment but if the family's income is low enough there are down payment assistance programs that can help. They are state specific - what state are they in?
Is there any flexibility with respect to the 3.5% down for an FHA?
Yes, you can put more down. Just kidding. If you buy a home from HUD there is a $100 down payment program.
http://www.hud.gov/offices/hsg/sfh/reo/reobuyfaq.cfm
If you are considered "low income" there are many city/county/state down payment assistance programs as well.
http://www.hud.gov/offices/hsg/sfh/reo/reobuyfaq.cfm
If you are considered "low income" there are many city/county/state down payment assistance programs as well.