what kind of mortgage can be attained with a credit score of low 600’s and no deposit?
Post date: May 17th, 2011with a low credit score and close to no downpayments what options are out there for mortgage’s? And what makes it worse is that homes are around 200+ k, So what will a mortgage payment be on a home of 150k over 30 years? thanks
- Tags: credit score, downpayments, mortgage payment
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May 17th, 2011 at 2:45 pm
NONE… the days of no money down with bad credit loans are GONE FOREVER… right now BANKS are not loaning money to OTHER BANKS… let alone to people with bad credit.
It’s those bad loans to people with bad credit that CAUSED the mess we are in… and you will never see them offered again.
May 17th, 2011 at 2:45 pm
If you even qualify for an FHA loan, a 3% down payment is required. You may be looking at putting up to 20% down if FHA is not an option.
On a loan amount of $150,000, you are looking at a payment around $1,000.00 + taxes, insurance & mortgage insurance.
May 17th, 2011 at 2:45 pm
A magical one? Keep saving and improve your credit score.
May 17th, 2011 at 2:45 pm
If you are a first time home buyer there are programs out there to help. Check into them- a lot of cities have revitalization programs and such. Your Realtor, chamber or library would have more info on the programs available