I have found a home thats on the market for 158,000.
But my credit scores are as follows.
EX: 593
EQ: 590
TU: 620
Is it possible to get approved with this score? 100% financed?
I have used lendingtree and I have got 9 offers, but im a little nervous about dealing with lending tree. Has anyone tried LendingTree?
Oh our monthy income is about 6,000
And monthly debt is about 1,000
Please anyone?
I would stay away from Lending Tree. They are known for bait and switch. With scores like that you should be able to FHA. That way you will have a nice low conforming rate. Your second option is to go non-prime, but your rates will definetly be higher. So I guess the answer is yes you can get 100% with your scores and based on the information you have provided.
You should be able to get 100% financing as long as you are planning on living in this home. I do not know what your debt situation is, but as long as you meet the debt-to-income ratio, you should be fine.
I am assuming that your question is regarding an investment property.
If this is the case, FHA is out of the question and a 100% N/O/O loan is also out.
You may be able to find 90% LTV if all of the other parameters are in place.
If my assumption is wrong and this is for an Owner Occupied property then you should qualify for 100% financing depending on all of your parameters.
Hi…I have partially similar situation.
I am looking to buy my first home either for investment or personal in Michigan. However, I have no downpayment and less than $4k monthly income with about $800 monthly debt (school and car). Is it possible to find 100% financing for $145K house?
There is a possibilty that I may have $200-$500 cash flow from another property I am sandwich leasing. If this deal falls through, is it impossible for me to buy a house?
What is the best way to buy my first house?
100% Financing with a 580 (in some cases 560) is possible. This is obviously full doc, owner occupied and the debt ratio must be under 50%.
BTW, I have excellent credit. I’m not sure how much that will weigh if my debt to income ratio is high…not sure exactly what it is yet.
Your best way is to find a lender, let them review your credit and your income situation. This way you will know exactly how much you can buy, and any pitfalls that you may run into and will need to be able to explain or have documentation to back-up (typically credit or income information). Even realtors will tell you, get pre-qualified before you start looking. Hope this helps.
Excelent credit will allow you access to stated income/verified assets, stated income/stated assets and no income/no assets programs.
Your best way is to find a lender, let them review your credit and your income situation. This way you will know exactly how much you can buy, and any pitfalls that you may run into and will need to be able to explain or have documentation to back-up (typically credit or income information). Even realtors will tell you, get pre-qualified before you start looking
I agree w/ christopher with one small exception. If you are serious…do not waste your time getting prequalified. I believe that he meant get yourself preapproved
yep yep, thats it, thats the ticket.
i got a guy, his name is Max Mixon with Real Financial his number is 248-354-8600. tell him minya sent you.
thanks so much!