Im looking for a 100% home loan with a 565 midscore best offer locally was cbc mortgage for 95%.Any ideas or lenders for 100% or ways around down payment?????thanks
I am not an expert, but I am pretty sure you need at least a 580 for any 100% program....maybe find a seller who is willing to get creative with you, or...you're sooo close, just wait a bit and raise your scores. I know that sucks, but I waited a long time---12 years!!!---to get my house. 10 years of clueless bad credit, 1 year of deciding enough was enough, then 1 year of work with the help from good people on this board. We are 17 days into our new house and we LOVE IT! Plus, even with 100%, you need closing costs and such. I personally know how hard it is to want a house, but make sure you are set before you go for it. Lots of $$$, even w/zero down.
thanks for the reply.I realize we are gettin close to 580 but we live in a small town and the one house my wife likes in this town is for sale by owner.If i got creative with seller and paid 105% of purchase price wouldnt the seller have to pay tax on additional money.I think i can swing closing costs.thanks again
I do know of a lender that will do 100% with a 525 score. ALL collections MUST be paid. Need 3 tradelines. What state are you in?
Are you working with a loan officer? If so, email me his/her info or give them my email address and I will give them the information. loanqueen2003@yahoo.com Good luck!!!
im also in illinois .thanks for the reply loan queen,my total collections amount to about 1200 which i can handle.Ill be in touch thanks
well, I'm pretty much PO'd today...so forgive me for being testy. but there is a loan program out there, for people with 575 mid-score, and the interest rate is 8.65%...of course that is with the huge broker markup (YSP) but since most brokers are going to mark it up, its also a realistic estimate... thats a fairly recent quote. So this score of 520...no interest rate was mentioned. I would tend to guess the interest rate would be even worse...but who knows... anyway, who knows, is the point....don't know. cannot come to any conclusion without information.
Testy, try cynical. Geez, I can't or won't quote rates here. I try to give honest generic advice to those that need it. Your YSP reference is WRONG. Start shopping for a loan and dang you are suddenly an expert? When a lender does 100% financing with a 525 score there is a lot of risk, therefore rates are going to be higher. I only know of one that will even do them. Marktime, I don't know what you do for a living, but loan officers/brokers have to take care of their families...you expect us to do it for nothing? Testy??? WHOA!
one of the best programs is FHA. you can work with the seller to gift the 3% down and 3% towards closing costs. often times, the purchase price is increased to cover those costs (so you end up paying for it in the long run). as long as the purchase price doesn't exceed the appraised value. you don't always need a broker to find a good program. i have access to hundreds of programs and i am not a broker.
Re: Re: 100% home loan with 565 mid I respectfully disagree Jenz (especially here in CA). FHA rates are not as good, the SRP (rebate) is high...where most loan officers/brokers make their money. They loan amounts are low. You can get a 100%, even 103% financing without using FHA with no mortgage insurance and the lender will allow up to 6% seller contribution and you can always have gift funds as well. Overall FHA can be a good thing for some, but as I see it, not for most. That's why going to broker/loan officer is the best...they can give you options.
