Posted on: 11th Aug, 2009 11:43 pm
Can i acquire a loan with a fico of 626 but i dont have nothing for down payment?
Hi Tiffany, With a fico score of 626 you can go for an FHA loan. But FHA does require at least 3.5% down payment. I know they do have programs that assist in down payments.
620 and above is a qualifying credit score for FHA. FHA does allow for a gift of the down payment and you may also receive 6% sellers concession which would cover your closing costs. If you are able to get a gift and the sellers concession, you may have a shot.
Please keep in mind that it may benefit you more to save a few dollars prior to purchasing a home so you have some reserves just in case something comes up. I hope this helps...
Please keep in mind that it may benefit you more to save a few dollars prior to purchasing a home so you have some reserves just in case something comes up. I hope this helps...
almost every state in this country has a first-time homebuyer program, and most of them also offer down payment assistance programs. if you find such a program, you can actually (potentially) obtain a new mortgage with next-to-nothing down - perhaps not no money down, but awfully close.
