philly, so far no go-i work in nyc for 12 years for nys and my brother also now wants to go in on the house-he works for nyc board of ed=dont know his score yet-i rent in philly for a year-think its time to buy but not as easy as i thought i would be-please help
2007-09-23 09:34:58 · 10 answers · asked by blh1229 1 in Business & Finance ➔ Renting & Real Estate
I'm glad none of the answerers work for me. Sheesh if I listened to folks like these I'd want to shoot myself.
Iggy_68 has the best answer. Talk to a good mortgage broker in your area that knows about the "my community" program (if you are a 1st time buyer) or the "flex 100" program if you've owned a house in the past.
FannieMae will buy it as long as you debt ratio and you can't have any outstanding judgements. Your PMI (mortgage insurance) will be a killer though. Maybe as much as 20-30% of the amount of the payment.
Talk to a mortgage broker (one with experience, at least 5 or more years in the business) They can pull you and your brothers credit 1 time and shop it to several lenders. All things being equal I think Bank of America, Suntrust, BB&T, Citizens Home Loan, Ideal Mortgage, Interfirst, or Liberty Savings Bank may write this one. Good Luck!
2007-09-27 02:05:41 · answer #1 · answered by RealEstateGuy 2 · 0⤊ 0⤋
You can get 100% financing but not with a FICO of 550. You might get one with 660 and above but it would be an expensive loan at best. So get your FICO up, save some money, about that time, you might be able to get a loan...
2007-09-23 10:49:10 · answer #2 · answered by Bob D 6 · 0⤊ 0⤋
The subprime market is now shut down virtually completely, prime borrowers are having trouble getting 100% financing. Another part of the equation is your debt to income ratio. Right now I would work on getting your Fico score higher, and watch as prices keep dropping.
2007-09-23 09:48:56 · answer #3 · answered by Pengy 7 · 0⤊ 0⤋
You are going to want to look at a lender who can do either an FHA loan for you or a Fannie Mae My Community Loan. These loans will be less based upon your credit score and more upon your ability to repay the loan, also don't forget to mention that your brother works for the board of education. Check to see if there are any loans available through a teachers credit union to your brother. If your brother's score is higher and he makes more money, then they will use his score and it will be easier to get in. Good Luck
2007-09-24 14:21:15 · answer #4 · answered by iggy_68 2 · 0⤊ 0⤋
Needing 100% financing OR having a 550 credit score would be likely in today's market to disqualify you from getting a mortgage. With both, not a chance.
2007-09-23 09:48:33 · answer #5 · answered by Judy 7 · 0⤊ 1⤋
Never heard of ANY financing company that will give 100% financing on any house. And most definitely NOT with a score of 550.
2007-09-23 09:44:06 · answer #6 · answered by Say What? 5 · 0⤊ 1⤋
sorry but a fico score of 550 is less than poor. You really need to pay your bills and pay when and what you agree to or you will never get a loan. If you have been employed for 12 years then you have stiffed a lot of people to get that score.
2007-09-23 09:56:24 · answer #7 · answered by Leo F 4 · 0⤊ 1⤋
This program does exist and it's called my community financing, depending on the loan amount and if you can document your income you may qualify for this. There are still 100% financing options out there you just have to know where to look.
2007-09-23 09:52:06 · answer #8 · answered by Anonymous · 0⤊ 0⤋
In todays market you will not find such a loan. THIS is just the kind of individuals who are in such hot water now. Nothing down, no savings, a credit rating that is shot to heck. Instead of working on the credit rating you want to buy something else.
Fix your credit then go house shopping.
2007-09-23 09:48:32 · answer #9 · answered by Anonymous · 1⤊ 1⤋
I am not sure about that, it's also risky for lenders in this case. But there are always lenders with different rules in order to be competitive. Maybe should google it and see if you can find something in your area!
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2007-09-23 10:41:20 · answer #10 · answered by Anonymous · 0⤊ 0⤋