What type of credit score do you need to buy a house with 5% down?
Answers:
Loan programs have really tightened up, but I can get you qualified down into the low 600s. Are you going full doc- W2s and pay stubs or stated- waitress/ bartender, most income is cash?
These factors make a difference, full doc is definitely better and if you have a co-signer you will have better chances if your score is lower.
it depends on where you live some lenders have different programs but check with hud.gov they have many programs for downpayment assistance but my guess would be about a 640-680
i got a mortgage with a score of 600 at 6.5 intrest rate from country wide loans
580 with 5% down. And allows 6% Seller contribution toward closing cost. YOu are going to pay 5% approx. for closing cost anyway, closing cost includes Title Insurance, Appraisal, Survey, Underwriting, Processing, Escrow account, so on.. so really at 580 you can still get 100% if you consider that the down payment is paying for your closing cost. This is Full Document which means that you have to provide documents that prove your income, and any assets that you may have. If you have records of your income that you've put into a checking account, proving income could be as easy as providing 12 months of bank statements which with online systems are pretty easy to obtain these days. Good luck!
580 mid score. Why not take a couple months and increase your score so you can get a better rate or go with no money down so that you can afford to furnish your new house? I know a loan officer who pays to put his borrowers in a credit repair program to get their scores up about 90 points so HE can do the loan for them. Again, he fronts the money usually and expects to do the refinance for them after the score is up -usually less than 3 months. For many people who are stuck with no option, it provides a viable alternative. For more info, check out the free evaluation form at the source website. Good luck.
fair. they look at inclome and what you owe
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