for first time home buyer with no money down credit score 680.
2007-11-24 10:30:04 · 5 answers · asked by Debbie 4 in Business & Finance ➔ Renting & Real Estate
The market is ok. Your credit is so so, but ok. No money down - tough. However, you maybe able to do a FHA loan.
I know that FHA still allows the seller to pay your down payment through a 3rd party like Genesis. Plus they can pay your closing.
IT's NOT IMPOSSIBLE. We have done 4 this month with credit scores ranging from 580 to 700. The buyer didn't needed ANY CASH.
2007-11-24 10:37:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I think no money down loans are going to be hard to get unless you have a perfect credit score. Too may financial places have been hurt.
2007-11-24 18:38:36 · answer #2 · answered by Truth is elusive 7 · 0⤊ 0⤋
I agree. With all of the "sub-prime mortgage" failures, even with a glut of homes available to buy in most markets, banks are getting very picky about who they lend to and are far less likely to lend with no money down. If you have none of your "skin in the game" what's to stop you from just walking away if the payments begin to be to much for you?
2007-11-24 18:51:00 · answer #3 · answered by wm.castor 2 · 0⤊ 0⤋
Considering the decline in prices for real estate it should be fairly easy. However if your credit is that bad then you should wait and try and improve it.
2007-11-24 20:54:35 · answer #4 · answered by Bisha W 2 · 0⤊ 0⤋
Impossible. Save up 10k-20k and improve your credit score and then you shouldn't have any problems.
2007-11-24 18:36:41 · answer #5 · answered by Hubris252 7 · 0⤊ 0⤋