My FICO score is 647...?

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I would really appreciate a loan officers advice because my fiance and I wouldl like to buy a home w/ a mortgage pmt of no more than $2000.00 a month. Is that possible w/ 100% financing? I am so uneducated about the whole 100% financing and how it works. Thank you to anyone who can shed some light on this subject...

My FICO score is 647...?

With a 647 middle fico you can qualify for 100% financing; this is done all of the time. I do not agree what so ever with the poster who claims you'll be on the street in two years... Yes a 2 or 3 year fixed rate iis very common for 100% financing and below average credit scores. The goal is to 1) get you in the property at the lowest payment and rate possible based on your specific situation and 2) have an on time mortgage payment for two years so that you can refinance with a good credit score into a long term fixed product.

Contrary to popular opinion your credit score will play a significant role regardless of what doc type you do. This will be reflected in the interest rate you will pay or if you even qualify for the loan with a specific lender.

The best way to keep your payment down is to either purchase a less expensive home or have a larger down payment however I would definately say you can get out for $2000 a month on the mortgage payment however is this including your property taxes and insurance being rolled into the payment or does the $2000 include those items as well? That can drastically change the amount you can handle for the purchase price.

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My FICO score is 647...?

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