Is it possible to get a 100% financing for a home loan if your credit is not that great?
Answers:
unfortunatly for you there is a mortage company some where that will get you a mortage.
suggest you do some serious homework b4 you get your self in deep financial poop.
get copies of 'home buying for dummies' study and digest. get info on home buying from the Gov. on their sites. visit daveramsey.com to understand what the mortage companies don't want you to learn or apply.
Never ever get varaible rate loans. no balloons. no zero downs. no 80/20% loans.
understand that cash is king and debt is slavery. never buy a house based on tax savings or growth projections or any of the bs you''ll hear in the industry. do you homework.
pply
Yes. It is easier to qualify for a single family than a multi family with not so great credit. Compensating factors do help. If you have all of the above qualifications, most likely you will get 100% financing.
I can help you get pre qualified.
there are a ton of first time home buyer programs that you can check into that will either give you assistance with closing costs or downpayments. check hud.gov and you may find that either the federal gov't or state gov't have programs available to assist you with getting grants.
Visit the below website
Yes.
Most lenders lean heavily on credit scores, then on income and income stability, on track record of making housing payments on time, on the ratio of proposed housing expense to income, and on the ratio of total monthly expenses to income.
Each lender has set parameters for lending, and there are lenders who will lend to those who do not fit "prime" lending criteria. The interest rate is typically established by how that lender scores the criteria fit.
I recommend getting a copy of your credit report, and taking it with you while discussing mortgage terms with a credit union or bank where you do business. If they do not offer to fund your mortgage, you will need to shop for a good mortgage broker.
ask you mortgage broker about FHA or/ and My community programs
There are lots of programs out there and you just might qualify for one like FHA or My Community. You need to get a good loan officer working for you to walk you through the steps. I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.
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