Situation:
I have found a house in a historic district listed at 187,900. The comps are selling from 210,000 up to 300,000. I am only 22 years old, and don’t have anything for a down payment. Is there anything that I can do? I feel that this is a great opportunity because these historic districts skyrocket very quickly out here. Am I out of luck without a down payment?
Depending on your credit score, credit depth, and employment history, you should be able to get 100% financing. You can even negotiate for the seller to pay your closing costs and come to closing with none of your own money.
my credit score is perfect.
i have had one job for 5 years.
Can you give me some pointers on where to go for that loan? thank you.
How many lines of credit do you have? Do you have at least 3 items on your credit report (credit cards, student loans, auto loans, etc) and is one of them 24 months old? If so, there are many lenders who will help you with this loan. If you don’t have established credit, FHA may be a good choice.
You should have no problem getting a loan.
Good Luck.
Depending on your credit score, credit depth, and employment history, you should be able to get 100% financing. You can even negotiate for the seller to pay your closing costs and come to closing with none of your own money
Rbaxter hit it on the head. There are a multitude of programs available for 100% purchases. With a little negotiating with the seller for some help on the closing costs you have the makings of a No Money Down Purchase.
Good Luck!
What credit score is "perfect’? We need a number. The best thing you could do is get pre-approved from a mortgage loan officer.
O.K. “perfect” might not have been the correct word. Very good would have been better. My credit score is just above 800.
I am looking into who to get pre-approved with. Any suggestions?
800 is a great score. Back to RJ’s question: How many trade lines do you have or How many revolving accounts, installment loans, do you have on your credit report? Are you paying anyone back any amount of moneis on a monthly basis? Are they reporting to the credit bureau these monthly timley payments? Are you ready to take an application? It’s just a phone call away.
Thank you to all that have replied. I will let you know how it turns out.
Sounds like a really great deal. As long as your debt to income is pretty good.