Posted on: 17th Apr, 2013 12:19 am
I have heard that now there are programs to help people buy homes. People with bad credit or no down payment can go for mortgages. I don't know where to start so i can find out some info on these programs. Any info would be appreciated!! Thank you!
Hi Guest,
Well, you may have heard it wrong. At present, after the real estate crisis, the lenders have become quite strict about the lending rules. So, they may not give loans to people with bad credit or those who cannot pay the down payment.
Take care
Well, you may have heard it wrong. At present, after the real estate crisis, the lenders have become quite strict about the lending rules. So, they may not give loans to people with bad credit or those who cannot pay the down payment.
Take care
Most lenders now require a minimum FICO credit score of 640 and a 20% down payment on the home.
For FHA loan if you have a credit score over 580 and can meet a variety of other FHA guidelines, you'll only have to make a 3.5% down payment.however you will have to pay private mortgage insurance
100% mortgages are only available to borrowers with significant assets. These types of loans typically require two different types of collateral – the home itself and a portion of the borrower's investment portfolio.
For FHA loan if you have a credit score over 580 and can meet a variety of other FHA guidelines, you'll only have to make a 3.5% down payment.however you will have to pay private mortgage insurance
100% mortgages are only available to borrowers with significant assets. These types of loans typically require two different types of collateral – the home itself and a portion of the borrower's investment portfolio.