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Buying a house
Posted on 8/9/12 at 5:55 pm
Posted on 8/9/12 at 5:55 pm
I was talking to a guy that works for my dad and he said he just purchased a 150k house and he put no money down.He only makes 25k a year and he said his wife makes 30k is it possible to even get a loan putting no money down?
6
Posted on 8/9/12 at 5:58 pm to tigrbaseball
I thought they had stopped allowing that no money down stuff after the last crash. No telling though since we seem hell bent on repeating the same stupid mistakes with credit.
Posted on 8/9/12 at 6:40 pm to tigrbaseball
USDA offers Rural Development 100% financing. There are a few additional requirements, but fairly easy to qualify for.
Posted on 8/9/12 at 9:24 pm to tigrbaseball
Yes rural development allows this as long as you have a decent credit score. 680 min
Posted on 8/9/12 at 11:19 pm to ed3303
quote:
USDA offers Rural Development 100% financing. There are a few additional requirements, but fairly easy to qualify for.
Doesn't FHA have a grant program for lower income families too? You can also finance some of the closing costs and get the seller pay concessions up to a certain amount.
Posted on 8/10/12 at 8:14 am to tigrbaseball
Is he a veteran?
Posted on 8/10/12 at 8:31 am to JonTheTigerFan
quote:
Doesn't FHA have a grant program for lower income families too? You can also finance some of the closing costs and get the seller pay concessions up to a certain amount.
Dont think so. FHA are for people who have lower credit scores and/or have a low down payment(3.5% min) or dont want to put much down.
Posted on 8/10/12 at 8:43 am to tigrbaseball
quote:
is it possible to even get a loan putting no money down?
As mentioned by someone above, rural development loans (USDA) offer 100% financing in qualifying areas with good credit.
As for closing costs, a $150k house will often have costs in the $5-7k range with including your escrow paid up front. The way most people get out of paying anything at closing (or paying very little) is to get the seller to cover $3-4k in closing costs, and the financing company will offer some rebates towards closing cost if you take a slightly higher rate (basically the opposite of buying points).
A $150k USDA mtg at a 3.75% rate would be $750/month on a 30 year. Approximate escrow at 150-200/month. So total payment would be $900-950/month. USDA payment-to-income ratio is allowed to 29%.
900-950 divided by $4583 monthly income = 19.6% to 20.7% PTI
So yes they definitely qualify under PTI. As long as their debt-to-income ratio and credit is in order then everything looks legit.
Posted on 8/10/12 at 8:45 am to tigrbaseball
if they only make 55k per year, unless they don't have kids/vehicles, they will lose that house in no time.
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