Buying a house after the subprime mortgage bust
Wanting to buy a house in a couple years I began looking into whether or not low down payment options are still available. The reason being is the money is harder to get, but the homes are still so expensive you need a substantial amount of cash to do the traditional 20%. This is my observation only , so please meet with a qualified broker or lender , but there seems to be some hope. My findings are as follows;
1 – You use to need a good credit score to get the lowest interest rate , now you may need it to qualify for a lower down payment as well. Also FICO is changing its scoring model which may help people who have had minor slips in payments gain a higher credit score.
2 – FHA still offers low down payment programs , as low as 3% , through participating lenders and down payment assistance grants as well, find more information at fha.com
3 – Good Wells Fargo tool that shows the possibility of qaulifying for a loan with as little as 10% down. Click here Wells Fargo Loan Tool .
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