to buy a house: how much down payment we need? it has to be 20%? it matter if this is a second house for both of us?

if i have low score in my credit, but better income than my fiance, and he has good credit score. also i'm still paying another property; and he also is paying another. what is the best thing to do.
(0) | asked by: liz esterripa | share | 87 months ago | Report

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answer by Vickey Wachtel    |   Contact Me
Liz, your first step would be to find a Realtor who can sit down with you and work through all the different options you may or may not have. You situation is a little complex as it is written here but may be easily worked out. Interview Realtors and find someone who can help you reach your goal of home ownership.
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87 months ago  |   Report   |   share
A conventional loan is 20% down. You can also talk to a lender about an FHA loan which is only 3.5% down. Both depend on your debt ratio. Your best bet would be to call a lender. Are you still living in the 2 homes? if not you can always rent them out and show the rental income for those properties to combat the debt.
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87 months ago  |   Report   |   share
answer by Mark LeMenager    |   Contact Me
From whatyou hve written it would be best to start a good savings plan so that you will be in a postion to buy when you are finacially able to do so. Good luck.
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87 months ago  |   Report   |   share
answer by Mildred Molina    |   Visit My Website  
Liz, It really helps to have a minimum credit score of 620 to qualify for an FHA loan. You may also be asked to put 20% down as a downpayment but what you may not be aware of is that you can also request some buyers assistance from the seller. It is not guaranteed that they will do it, but it is an option because some sellers do extend that offer as a courtesy to motivate their buyers. In any event if you would like more information on how/if you can qualify for a home loan, please feel free to contact me at 832-273-1068 and I can get you connected with our fabulous in house lender.
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87 months ago  |   Report   |   share
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