Thread: Want To Buy A House Priced At 357,000

Depending on your FICO score , you can put down nothing and get 100% financing. Its up to you if you can afford the payments or not. There are stated income home loans and full doc home loans. Generally full documentation gives you a lower interest rate than a stated income home loan. Typically to qualify for a full doc loan, you need to add all your credit card debts, proposed mortgage payment including taxes and insurance, divided by your total monthly gross income. Debt to income ratio generally needs to be below 50%. If not, you can qualify going stated income.

I was looking back through some of the older posts and saw this one. Man how times do change when it comes to financing guidelines?!

The days of buying zero down are pretty much all but gone. With FHA there are the lower down products, as well as some great first time home buyer assistance programs here in Minnesota. But for the most part, lenders want to see real estate buyers with at least 10% down on their purchases.

Obviously a great time to be a buyer with so many homes for sale on the MLS here in MN. However, the key now is getting them financed!

100% financing is pretty much all gone except for the USDA rural program which is 102% financing. However, it is only available in certain areas, like the name, rural areas.

FHA financing is 97% LTV max, however you can qualify for a downpayment assitance program (3%) for a total of 100%

Conventional financing is 90% LTV max.

Stated Income Loans are pretty much gone except in a few states, CA , OR , WA, + East Coast states. Fannie Mae and Freddie, as of Dec. 07, will be eliminating the income waivers, in which most brokers were getting their clients the stated income loans.

Originally Posted by kevin

FHA financing is 97% LTV max, however you can qualify for a downpayment assitance program (3%) for a total of 100%

Kevin, DPA was stopped a few months ago. FHA no requires a 3% down payment from the buyer and it is going up to 3.5% next year.

I suggest you talk to a Lender directly. Ask some people you know who have used a Lender recently and get someone who is reputable and who can be trusted and then meet with them directly.

It's best that way rather than getting information like this on the internet.

Thanks,

Mario Jannatpour

You're thinking of Nemeiah down payment assitance, but there's actually a few other's out there that will help with the 3%