The initial overhead of buying a house can include down payments, closing costs, assessment fees, and other miscellaneous fees that could occur. Better understanding these expenses will better prepare you to buy a house and to obtain a home mortgage loan.
Minimum Credit Score – 660
-80% max financing
-Funds to close not sourced or seasoned
-Property does not have to be leased (Income determined by
market rent schedule on the appraisal)
A good way to shop around is to contact a mortgage broker in your state. Mortgage brokers are middle-men that have a networks of lenders and banks to compete over mortgages. One pro to using a mortgage broker is the flexibility.
-You put down 1%, your lender contributes 2%*, giving you 3% equity at closing
-620 credit score to be eligible for base grants
-680 credit score and above could receive up to 4.5% in lendor grants.
Mortgage grants can be used for closing costs, setting up escrow accounts, or applying a down payment towards the house, as well as other miscellaneous costs. This is an extremely valuable program for somebody with steady income but not a lot of money to put down.
-100% financing w/ 580 credit in some cases
-Financing for credit scores as low as 500
-Recent bankruptcy or foreclosure
-A low fixed rate possible
-FHA streamline and VA IRRLs available