how can i get a 100% mortgage with a 560 credit score?

Answer 1

Send me an email you can obtain 100% financing with a score of 560 and I would be more then glad to help you.

Answer 2

Lenders normally want a 580 + for 100 percent financing. But it can be done....just a bit harder. Do you have 2 years job time, will need to show proof of 2 yrs W's, 1 month pay stubs....Lenders will also look your debit to incoem ratio (DTI) to make sure you are not over 55 percent of your income.

Lenders look at the middle score to qualify a person - and if your credit is low, than you will be going SUB-Prime, and any amount over 80 percent does not have MI - There are alot of companies I underwrite for that does NOT charge MI - normally the rate is slightly higher. Say you got qualified and your rate was 8.50 at par (Par, means that is what rate the lender quotes you, with no addon's to the rate for the lender to make pts on the back - some Lo"s add pts on the rate to make their money - instead of charging it up front). The 8.50 does not have MI included.

FHA loans have MI included, Conforming A+ borrower's loans have MI included, but the rates are better starting in the mid to high 6's (with rates going up.) The more money you borrow - the higher the rate normally. There are alot of factors involved.

With a government loan - collections and judgements will have to be paid (most ppl do not know that) but for FHA it is true....

ALSO -

Example:
Decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now - (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 - This is just a estimate - ok -

It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thur a realitor, and the seller has to pay the realitor their fee which runs from 2-6 percent of the selling price, and you ask for 4-5 percent toward closing cost -assistance) Follow me so far??

Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score.

Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). This will tell you the up-front closing cost (etc) associated with your loan. This is a estimate only - not the final - but it does help you figure things out.


Good Luck, and if I can help in any way check out my web site, for links to all the credit reporting agency's and other useful information.

Answer 3

Yes, you can. But the interest rate and closing costs will be very high. Most lenders require at least a 580 middle score for 100% financing.

Rick Lanicek

Answer 4

you can get a loan with that score.....but......a 100% mortgage is
difficult even for people with great scores because the payments
are so high.

Answer 5

u need to have a better credit score for that

Answer 6

If you go full doc you might. If stated income program then you better bump your score up.

Answer 7

If your shopping come online and lets see what we could do... I have normal business hrs in AZ.

Antal
Surefast Mortgage

Follow this complete link:
http://gabbly.com/http://www.surefastmortgage.com/

Answer 8

Lottery... Or Power ball.

Answer 9

ooo.....they want at least a 650