My FICO score is 647...?
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100% financing is a common way for first time home buyers to get into a home. 100% financing typically requires two loans. One at 80% Loan To Value (LTV) and the other at 20% LTV. There's more to mortgage financing than just your credit score althought the credit score is very important. It would be very difficult for me to answer your question thoroughly here so feel free to email me at info@adpsac.com and I'll be glad to answer your questions regarding mortgage financing, credit scores, and financial planning.
My FICO score is 647...?Obviously, an experienced MB has not answered this question. Nice advice by a few people but they are not at my level as of yet. Hey guys, keep this in mind as well: Where do we stand DTI wise? How do we know that he can afford that type of payment - are taxes, insurance, home assoc. fees, etc. added into that payment? An important thing to check, when securing a home mortgage is your DTI - Debt to Income Ratio. We would need to see your credit report to check all of your debts and how much you are paying per month for your credit cards, car payments, student loans, etc. Then we will look at how much money you are bringing in per month. Of course we need that to be way above the outgoing money to get us a DTI below 50%. Yes, there are companies that will go over 50%, but below 50% is pretty much where we want to be. Also, the lending company will look at any judgments, liens or prior bankruptcy you may have had. Also, even though you want 100% financing, there will still be closing cost fees. Expect a few thousand for that, unless you get a sellers contribution or sellers concession, which will in fact pay for closing costs as long as the seller agrees to this. Just make sure the real estate agent adds it into the purchase contract. So - Yes, you can get a loan with those type of payments, but as you already know, many other factors will come into play.
My FICO score is 647...?Try http://www.homebuyingguide.org/ for a lot of great info.
100% financing is possible but yes it depends on a lot more than your credit score.
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