Is this a bad idea? I was thinking I could use a HML for my home purchase because of my credit, and lack of cash.
Feedback?
CC
There are 100% programs for:
- People with no credit scores at all.
- Credit scores @ (and in some cases bellow) 580
What state are you in? If you live in TX or CO then I may have some options for you for your Owner Occupied Loan.
Most HMLs will not do Homestead loans. However we do in TX and CO.
Expect rates 11.50%, Orig & Discount points from 4.5%, 2/28 ARM
Good luck!
As Patrick posted there are loan opportunities available. However, even 100% loans will still leave you bringing closing costs out of pocket.
You can limit the out-of-pocket costs by negotiating some seller concessions with the seller.
I’m in Maryland. MD… what do you suggest for negotiating with the seller? … offer full price if s/he pays my closing costs?
other suggestions?