Were looking into purchasing our first home soon. I have been given a lot of data from different lenders & realtors but am left with a few questions. The credit score we are working with is 682, we have no outstanding collections or debts. We do have a small personal loan out (for 3k) but are never late or anything on the payments so I dont think that will negatively affect us will it? Is 682 a high enough score? We dont have anything bad just slightly limited as he is only 23 years old. I have been told that some companies are allowing people to receive a credit from them for the first time buyers 8k then use it as a down payment. Is this true or a scam?
The company that talked about the 8k credit as downpayment was metlife loans, they are fairly reputable right?
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Go to a local Mortgage Lender and fill out a preapproval app and see what they come back with. You could certainly qualify score wish for FHA.
I am sure some company has come up with a way to scam people out of part of their 8 K monies but tread VERY carefully.
I’ve seen people getting in to HUD owned houses with a score as little as 580. Try getting an FHA (Fed Housing Authority) loan, too.
My best advice for first time home owners is to use a reputable lender and real estate agent. Get pre-approved by a local bank and then find a good realtor. If 682 isn’t high enough for a home the bank will let you know what to do to increase it in a few years.
Any business that would bring up the 8K homebuyers credit as a down payment is not worth dealing with. This is the biggest investment of your life.
Good luck!
A 620 will get you an FHA loan, and you will only need 3.5% down. If you can’t come up with the 3.5%, I would suggest you seriously think about becoming a home owner, because there are many unforeseen costs after purchasing your first home, like repairs. I am not saying don’t do it, however. The simplest way to get a down payment, is for a relative to give you a gift of down payment. You can file an amended 2008 tax return, and receive your 8k(or whatever you qualify for). If you decide to give a gift to whomever gave you the down payment, no one is going to know, as long as you don’t tell them. I would recommend cash for this gift.