Can I get a 0% down mortgage with a high income and credit score of 655?
I'm two years out of college, making $88,000/year, but still working on a lot of debt that I put myself in during college and the first few years in the "real world". There's a beautiful house on the market listed for $148,900, and I'm wondering if I should pursue a loan and potential ding to my credit for a hard inquiry with these issues. I have no money for a down payment, but could easily afford the loan + taxes of +/-$1000/month. Any thoughts or suggestions? I just don't want to waste my time. by heathe_962_457 from Kingwood, Texas. Sep 13th 2012
Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions
Considering the purchase price you are looking at, it would only require a 3.5% down payment on an FHA loan. You're making good money, so saving $5,211 (that's 3.5%) shouldn't take too long at 88K per year salary. You may be putting the cart before the horse. If you absolutely cannot wait, then you could get a gift for the down payment from a family member.
Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions
If you have any military service, you could get 100% financing using VA. If not you would only need 3.5% down for an FHA mortgage. the entire down payment can be gifted from a family member.
Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions
Only options for 100% financing would be if it were in a USDA zone or if you are eligible for a VA loan, otherwise you are going to need a down pymt of at least 3.5% plus closing costs of about $3k unless seller will concede those to you on the purchase agreement plus your prepaid taxes and insurance and daily interest leading up to closing which will depend on the property taxes there but I'd guess about $2800 on a home with that price tag.
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