What Credit Scores Do I Need for No Money Down

[Anonymous]

I would like to purchase a home soon but I do not have enough funds for closing costs and down payment. What credit scores do I need for no money down and how do I go about getting a mortgage like this?

[brownee]

You want 100% financing? Hmm...other than the VA loan, I don't know of anything you can do. Obviously, I am not a mortgage broker, etc but with the DPA programs ending soon, you may not have an option left. I'm sure Tom, Shane, or Brian will answer, though.

Welcome to the forums, by the way.

[Anonymous]

With FHA you can go as low as 3.5 % down and have the seller pay the closing costs.

[DallasLoanGuy]

usda is 100% too.

has income restrictions.

[Anonymous]

If you have no money, it sounds like you can't afford a house.

People willing to use 100% financing are the ones running up the market prices, because if they loose it's no skin off their back.

[brownee]

Veterans can get 100% financing..so what are you saying?

There are all sorts of people in the mix here, not just people who got 100% financing.

[Anonymous]

While the statement above was a little harshly worded. I have to partially agree. If OP stated that they don't have the money for downpayment or closing costs, that's putting yourself in a serious crunch situation. You need to have a decent cushion/reserves for any serious home repairs needed, or unexpected loss of employment, etc.

I think even the loan officers (good ones anyway) would discourage you from buying if you don't currently have closing  costs or down payment.  If you fell into a great situation where seller is willing to pay closing costs, etc then it would be great to take advantage of that, but as stated initially that they didn't have the $ and that's potentially putting yourself in a very bad situation.

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brownee wrote:

Veterans can get 100% financing..so what are you saying?

There are all sorts of people in the mix here, not just people who got 100% financing.

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Message Edited by UpUpUp on 09-09-2008 02:45 PM

[brownee]

   Point taken.

Message Edited by brownee on 09-09-2008 03:28 PM

[Anonymous]

www.naca.com

No money down.  But you have to be able to save money for a few months to show you can make the difference between what you pay now and your mortgage.  For ex., if rent is $600 a month and you qualify for $1200 a month, you have to save and  show $600 in savings for a few months minus what you have going to 401k or 403b.

[Anonymous]

I know alot of people don't like to have to go to the seminars and promise to volunteer, etc. but this program really doesn't look like a bad deal.

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CruiseLady2008 wrote:

www.naca.com

No money down.  But you have to be able to save money for a few months to show you can make the difference between what you pay now and your mortgage.  For ex., if rent is $600 a month and you qualify for $1200 a month, you have to save and  show $600 in savings for a few months minus what you have going to 401k or 403b.

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