Short work history (6 months), late 500-early 600 fico, could we be approved for a mortgage with 70% down?

Question

Other factor's.. we're graduating soon and getting married in 2008. 70% down on a house that will need work.

Fico should go up soon, we discovered an inaccurate item that needs removed.

Fiance also as a mutual fund of about 10k, does that help at all?

Answer 1

Buying a house that needs work and having 70% down...I would say YES.

However, with being that close to the purchase price, I would think you could get the seller to sell for all cash and therefore have no mortgage.

I prefer the bank footing as much as possible, but still...it's worth a thought.

Answer 2

With that much down you very possibly can. But if the house is in really bad shape and needs major work, lending institutions might not finance it in any case, even with that much down and if you had an excellent FICO score.

Answer 3

your major concern should be will you have enough money to fix the house after you spend that 70%! how about monthly expense? you should at least have 20,000 to 30,000 in your bank account after you purchase a house-it is for you to fix the house and monthly expense. proving if you have a steady job.

by the way, each bank have their own way to make decision about approving loan.. so at least ask few banks..
so, good luck..

Answer 4

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