informative
When it comes to buying a home, coming up with the down payment is often the hurdle that causes buyers the most stress. What if you could qualify for help with that down payment?
When it comes to buying a home, coming up with the down payment is often the hurdle that causes buyers the most stress. What if you could qualify for help with that down payment?
informative
I didn't realize that different banks participate in different programs. Also, some institutions don't tell the buyer about available assistance because it can slow down the closing process; that was my experience.
It is good to know.
Check credit score and rent is as much as a house payment if not more
Not sure uf I apply for a down payment assistance loan before applying for a morgage loan
Randy, it’s really all part of the same process. While it’s a good idea to research possible down payment assistance programs in your area in advance (try DownPaymentResource.com), you don’t need to “apply” for DPA before applying for a mortgage. As you shop for a mortgage, ask lenders which DPA programs they participate in and whether you might qualify.
I am a disabled veteran, ) I served in the US Army for 13years . But, I have decided to use the FHA instead of the VA Home Loan. Although The VA home has no down payment requirement, the minimum credit score is 620. The minimum credit score for the FHA is only 585 and has a minimum of 3.5% interest. Also, FHA are possible with a credit score between 500 to 585, but with a higher interest rate of up to 10%. As for me, It’s been difficult to reach the VA home loan credit score.
Good information....though many do not know that DPA comes along with a mortgage product. DPA requirements sometimes do not coincide with the mortgage product. i.e. DPA requires credit score of at least 640. But when you apply for a mortgage product it’s requirement is credit score of at least 720! What gives!
My question is it possible to buy a home with a low credit score? My husband passed away and two thirds of my income went. I'm trying to build it back up.
I'm sorry to hear about your husband, Charlene! You don't have to have a perfect credit score to buy a home. This story might help you understand your options: https://readynest.com/homebuyer-stories/is-your-credit-ready-for-a-mortgage