Viewing Answers 1 - 4 of 4
you can get FHA financing with 3 1/2% down with a 580 FICO score
If I choose to purchase a piece of land to build a home later are there any banks who will finance with 0 down?
Ms. Campbell, the real issue with real estate financing isn't getting a loan, anyone willing to pay lofty interest rates find a loan. The idea is to get a loan that's right for -- with the lowest cost and best terms. As Mr. Press suggests consult a lending professional or housing counselor to get a better picture of what you qualify for.
WIth $5,000 as a down payment, you aren't quite to 5% ($6,750). You might be able to make it work, but things are really quite tight. I recommend contacting a Direct Lender and having them pre-approve you for a mortgage. Being pre-approved is much better than simply being pre-qualified. With pre-approval the lender will pull credit and verify employment etc. This essentially saves everyone time by ensuring you will end up being able to close on the home. It is as close to a "sure thing" you can get to without making a cash offer. Call a lender now so you will know where you stand. If there are qualification issues, a good lender can help you with ideas of what to do to better position yourself at a later date.