credit score and mortgage?

Deal Score0

hey all. i have a credit score of 651. my DTI is alright. not super good. i was wondering if i could get 100% financing for a 1st time homebuyer. also can someone give me a figure of how much money up front before and after closing? it’s a $ 59,900 loan and the sellers are assisting $ 3200 closing costs. i need $ 500 earnest money. and the homeowners insurance is a quote of $ 440/yr.
thanks for the help ahead of time.

  1. Reply
    May 2, 2011 at 3:53 am

    Your credit isn’t horrible. Over 650 (even if just barely) is usually good to work with. Call a mortgage company, they should be able to give you 100% financing, and roll in the closing costs into the mortgage. You will probably just end up with a higher rate, because the score isn’t great and it’s 100% financing.
    Hope this helps.

  2. Reply
    gary d
    May 2, 2011 at 4:27 am

    If you can’t afford the earnest money, that might be a sign its not time to buy a place.

    If i were you, i would wait, and try to get my score over 720…that would get you the best interest rates…you are pretty close, you could probably get there within a year.

  3. Reply
    mortgage help
    May 2, 2011 at 4:48 am

    use this calculator. it’s a good idea for you to do it, and see how your total monthly payment becomes what it is…

  4. Reply
    Real Estate Guy
    May 2, 2011 at 5:24 am

    Based on your credit score and the property price you should be OK. 651 isn’t that bad.

  5. Reply
    Phil H
    May 2, 2011 at 6:18 am

    thats a good score. we would take that score anyday

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