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Message
Is it completely impossible.........
Posted on 4/22/09 at 3:50 pm
Posted on 4/22/09 at 3:50 pm
to get a house with 0 down right now.
My fiancee and I want to take advantage of the 8k for first time home owners, however, we don't really have anything set away for a house at this point. Combined we are at around 110k and want to find a place in the 180-210 range. No credit card debt, combined 640 a month in car notes, she is paid off on student loans and I have about 8k left. We have around 12k in money market as well as retirement plans but dont want to use this at the time for a dp.
Her score is over 720 mine is high 6.
Are we SOL or is there a chance someone will loan us.
My fiancee and I want to take advantage of the 8k for first time home owners, however, we don't really have anything set away for a house at this point. Combined we are at around 110k and want to find a place in the 180-210 range. No credit card debt, combined 640 a month in car notes, she is paid off on student loans and I have about 8k left. We have around 12k in money market as well as retirement plans but dont want to use this at the time for a dp.
Her score is over 720 mine is high 6.
Are we SOL or is there a chance someone will loan us.
7
Posted on 4/22/09 at 3:54 pm to BatonrougeCajun
Honest advice..don't do it. There is NOTHING magical about owning a home over renting one...and if you don't have a down payment and have that low of credit scores..you really aren't ready to buy. The 8 grand sounds great when you hear it, but the home might well lose that much value right after you buy it..in this market.
Posted on 4/22/09 at 4:10 pm to BatonrougeCajun
How long you plannign on living in the house?
I am about to build a home and then finance it at 100% via the VA, I think it can be done elsewhere as well but you should really plan to have to put at least 3-5% down.
I am only going the 100% way because even doing so I won't be on the hook for any PMI and I can put my cash elsewhere to draw more than the 4% the note will cost me.
I am about to build a home and then finance it at 100% via the VA, I think it can be done elsewhere as well but you should really plan to have to put at least 3-5% down.
I am only going the 100% way because even doing so I won't be on the hook for any PMI and I can put my cash elsewhere to draw more than the 4% the note will cost me.
Posted on 4/22/09 at 4:11 pm to Mid Iowa Tiger
Starter home. 5-10 years max
Posted on 4/22/09 at 4:12 pm to dawgorama
those are low credit scores ? 
Posted on 4/22/09 at 4:15 pm to BatonrougeCajun
you might check with USDA (ask a mort banker in your area). It's a gov. loan designed for designated "rural" areas. But you can get them just outside of Memphis in a couple of areas.
Posted on 4/22/09 at 4:20 pm to The Dude
quote:
those are low credit scores ?
That's what threw me off too. I thought they were at least respectable scores
Posted on 4/22/09 at 4:22 pm to BatonrougeCajun
quote:
My fiancee and I want to take advantage of the 8k for first time home owners,
If I were a betting man, I would bet that it will be continued into next year.
Wait until the fall, and see if you still want to. Watch prices to see if they are still falling.
Posted on 4/22/09 at 4:25 pm to BatonrougeCajun
quote:
That's what threw me off too. I thought they were at least respectable scores
They are respectable..but combine it with having a little consumer debt..no savings to speak of..and it just sounds like..well like what got us all into this housing mess to begin with..just being honest.
Posted on 4/22/09 at 4:35 pm to dawgorama
Yeah I hear ya. We have just started talking about it. Nothing serious yet thats why I wanted to ask.
Posted on 4/22/09 at 4:35 pm to dawgorama
quote:
and it just sounds like..well like what got us all into this housing mess to begin with..just being honest.
Why is the gov't going out of its way to try to twist the arms of folks like this?
Posted on 4/22/09 at 4:36 pm to BatonrougeCajun
quote:
Yeah I hear ya. We have just started talking about it. Nothing serious yet thats why I wanted to ask.
Good luck in whatever you choose to do.
Posted on 4/22/09 at 11:42 pm to BatonrougeCajun
A 720 doesn't quite command a "we'll give you whatever you want" but it isn't far behind. At that level you are haggling over the price, not whether you'll get the loan.
Seriously. Just call up some lenders and ask. I refi'd my mortgage yesterday (795 FICO and 20 year history) and had a long conversation with the rep, he said that 740 is the magic number where they'll throw money at you. Like I said, 720 is very close and just haggling over the price of the loan, you should have zero trouble getting one.
Basically like playing AAA ball vs. the major leagues, you are definitely in the game, can do well and have room to grow. Good luck.
ETA: With a 720 score the real question isn't whether you can get financing, it's what you do with the money.
Seriously. Just call up some lenders and ask. I refi'd my mortgage yesterday (795 FICO and 20 year history) and had a long conversation with the rep, he said that 740 is the magic number where they'll throw money at you. Like I said, 720 is very close and just haggling over the price of the loan, you should have zero trouble getting one.
Basically like playing AAA ball vs. the major leagues, you are definitely in the game, can do well and have room to grow. Good luck.
ETA: With a 720 score the real question isn't whether you can get financing, it's what you do with the money.
This post was edited on 4/22/09 at 11:46 pm
Posted on 4/23/09 at 11:41 pm to BatonrougeCajun
quote:
Is it completely impossible.........
to get a house with 0 down right now.
You might want to look into owner financed homes. In this economy you could find a few that you might get into for little or no down payment.
Scan the newspaper, drive the neighborhood, craigslist, etc., the usual places.
Good luck.
Posted on 4/24/09 at 2:29 pm to BatonrougeCajun
quote:
My fiancee and I
So what exactly do they do with their credit scores in this case anyways? Is there a mean credit score they use or do they weigh one more than the other? What would happen is say one person with a near perfect credit score and made decent money were getting a loan with someone with an avg score that made a lot of money? Wonder how that would work...
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