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happydays
LIF Adolescent
Member since 8/06 513 total posts
Name:
working my way to 1000 posts!
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come in home buying experts!!
Is it possibe to get a home with 0% down, these days? If not what is the lowest %of downpayment would a person need to qualify for a loan?
And are they much harder on you qualifying for a loan based on your credit score?
And if you filed bankruptcy see about 2 years ago will that stongly affect a person qualifying for a mortgage?
I just know someone who has really bad credit score, no money saved away, a bankruptcy about 2 years ago and he says he is buying a house.
This kind of puzzles me???
I dont even think they make ends meet now.
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Posted 6/27/09 9:23 AM  |
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BaroqueMama
Chase is one!
Member since 5/05 27530 total posts
Name:
me
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Re: come in home buying experts!!
I'm not an expert by any means, but I'm pretty sure there's a slim to no chance that someone could get a 0% down mortgage. And when I say slim to no chance, I'm leaning heavily towards the no chance.
I'm sure you can still get a mortgage with as little as 5-10% down, but I would imagine your credit would have to be pretty damn good. As for credit, what would the incentive be for a lender to give a mortgage to someone with poor credit and a bankruptcy two years ago? Not much. I highly doubt this person is actually getting a mortgage. But I guess anything is possible
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| Posted 6/27/09 9:35 AM |
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CoachC
LIF Infant
Member since 8/08 275 total posts
Name:
Kerri
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Re: come in home buying experts!!
They only way I've heard of putting no money down is by putting down the minimum 3% and then doing a seller's concession so you get that 3% right back at closing. You'd still need that money to put down initially though.
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| Posted 6/27/09 9:57 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: come in home buying experts!!
I'm no expert but those terms don't add up.
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| Posted 6/27/09 1:31 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: come in home buying experts!!
DH and i are getting an FHA loan and only have to put 3.5% down.
i do know of people who have gotten VA loans and did not have to put any $$ down.
but it seems odd to me that they would qualify for a full mortgage having filed for bankruptcy such a short time ago.
plus credit score is a huge deal to banks right now. DH and i have good, not great credit, and we had to explain why (DH recently sold a business and has a lot of CC debt left over from that business).
and you say they cannot make ends meet now so what kind of loan officer would tell them that they could afford a mortgage?
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| Posted 6/27/09 2:02 PM |
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happydays
LIF Adolescent
Member since 8/06 513 total posts
Name:
working my way to 1000 posts!
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Re: come in home buying experts!!
My husband and I bought our home 4 years ago. And I had to clean up his credit score before they would even consider us. So I was just kind of schocked to listen to this man.
But I dont actually think they have been approved for a mortgage. I personally think he is living in a dream world but since I have not had to look in 4 years and the market adn the banking system is so different now, I thought maybe I was missing something.
I guess we shall see what happens. Thanks for all your responses it made me realize that I have not lost touch with how mortgages work.
i was starting to think that if it was so "easy" for him then maybe it was time for DH and I to consider getting a bigger place. But, I realize now that we are still better off where we are at.
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| Posted 6/27/09 3:08 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: come in home buying experts!!
When you bought your house it was easy to get a mortgage.
Now it's not. It's not impossible but you have to have the full package. Good credit (no bankruptcies), good debt to credit ratios, income and be able to afford it.
Don't go by what other people do. You really don't know their situation.
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| Posted 6/27/09 4:53 PM |
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happydays
LIF Adolescent
Member since 8/06 513 total posts
Name:
working my way to 1000 posts!
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Re: come in home buying experts!!
Posted by Blu-ize
When you bought your house it was easy to get a mortgage.
Now it's not. It's not impossible but you have to have the full package. Good credit (no bankruptcies), good debt to credit ratios, income and be able to afford it.
Don't go by what other people do. You really don't know their situation.
I still had to clean up my husbands old credit card mess then it was easy. I had a mortgage broker tell me he could get us whatever we wanted. But, I did my homework and knew what we could afford and stuck to my guns. I am glad I did. I knew back then there was going to be a mess on our hands in a few years. I dont ever go by what someone else says or does...I try to do my research and ask questions, here, to understand better.
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| Posted 6/27/09 7:02 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: come in home buying experts!!
If he declared bankruptcy only 2 years ago, he's a subprime borrower. The subprime market is virtually dead so IMO, he's got NO shot at getting a mortgage right now regardless of how much money he put down.
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| Posted 6/27/09 7:34 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: come in home buying experts!!
no way in hell we were told 3% min and that is with good credit. I think that is all across for the US at this point.
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| Posted 6/28/09 10:36 AM |
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