Are DP's rolled into the full cost of the loan anymore?

[eyesopen]

Got my scores in the 700's.

10 years on the job.

65K annual.

Just can't seem to get the DP together.

Advise?

Thanks.

[Anonymous]

See if the area you want to live in - or an area close enough that it would work - qualifies for a USDA guaranteed mortgage.

Your income probably puts you near the limit, but if you have a family you may be okay - depends on the location.

[eyesopen]

Thanks. Did a quick look-up and the VA loan came up as an option.

Next question...

1.) married but planning to finance on my income and FICO scores.

2.) planning to use FHA - but husband is a Vetran and qualifies for VA loan.

Question is - can we use both types of financing?

[Anonymous]

VA is a good option, but he would have to be on the loan. What are his scores? Can you increase them quickly by paying down credit cards, etc.?

FHA requires 3.5% down. There is no way to finance the downpayment. VA and USDA are really the only options for 0% down.

[medicgrrl]

FHA used to have special provisions for veterans but I don't think they offer them anymore.  Is there a reason you are looking at FHA instead of VA?

[MattH]

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@eyesopen wrote:

Got my scores in the 700's.

10 years on the job.

65K annual.

Just can't seem to get the DP together.

Advise?

Thanks.

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If you cannot get the DP together, how can you be confident of being able to get cash together on short notice when the furnace dies or the A/C compressor needs replacement or some other surprise rears its head?