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Hello all - I'm a first time home buyer and need some advice/thoughts. (Well, I say home buyer but what I'm really interested in purchasing is a condominium or a small townhome.) Here's my info:
TransUnion Score - 663
Equifax Score - 678
I do not have enough money for a down payment so I'm hoping for 100% financing. Anyone have any insight as to whether this might be possible? I'm also clueless as to how to get the process started. I contacted my credit union about a mortgage loan but they don't do 100% financing. I'm assuming I need to get approved for the loan first before contacting a real estate agent, right? What's the best way to go about finding a good agent?
I know I have a lot of questions! Any help is appreciated
Thank you in advance.
100% financing is pretty rare. IF you can get USDA then chec it out, but it is very limiting as USDA is only available in primarily rural areas.
Also, remmeber that you will need closing cost money. Sellers in most markets are not near as willing to help with closing costs as they once were becuase appraisal rules have tightened up a bit making it tougher to get an approval with clsoing costs rolled into the loan or paid by seller. So even with FHA it is common to need 8-10% for down payment and closing costs.
There's always NACA, no money down, no closing costs. They do want you to have approx $3,000.00 in reserve.
I know of 4 people that have purchased homes through them. It is not an easy or particularly fast process (depending on your credit situation) but it is a good program and the interest rate is 4.625 right now.