Do you think with a credit score of 714 I would be able to get a mortgage with no money down?

Deal Score0

I’m looking to buy a cheap property, like a co-op or a condo and I have pretty good credit but I don’t have a lot to put down. I make good money but I have a lot of student loans and stuff. I know with a weak market the time is near to get a mortgage and I am just looking at my options.

7 Comments
  1. Reply
    Billie
    May 2, 2011 at 2:59 am

    yes

  2. Reply
    warmkatladycat
    May 2, 2011 at 3:25 am

    That’s an excellent credit score. It should not be a problem to get 100% financing. If you call a broker they can probably almost tell you over the phone if you will qualify.

  3. Reply
    smartiebc
    May 2, 2011 at 4:00 am

    I think since the market is weak right now you wait awhile, that way you get a better deal..Your score is excellent so you stand a good chance getting no money down or low.

  4. Reply
    kelly
    May 2, 2011 at 4:20 am

    THIS HOULD NOT BE A PROBLEM A T ALL THIS IS A VERY GOOD SCORE AND YOUR RIGHT THE TIME TO BUY IS NOW, ALL THE BALLS ARE IN YOUR COURT, THE GREAT INTEREST RATE, THE ROOM TO NEGOIATE ON PROPERTY IS GREAT SO GO HOUSE HUNTING AND GOOD LUCK

  5. Reply
    ~Susakins~
    May 2, 2011 at 4:29 am

    Most any mortgage company wants your credit clear, meaning no outstanding debts. No bad debts. (i.e. late credit cards, judgements, etc..)

    You have a really good credit score, hats off to ya..

    Mortgage companies want about 10 percent down, which please..you really dont have to.

    If you are in the military, NO money down…nothing.

    If you are going through a Realtor from the SELLER, they are more than likely going to ask you to pay closing costs, which you dont have to, I wouldnt. Ask for fix ups like new paint, new carpet.

    You need a Realtor that REPRESENTS YOU! To C.Y.A. (Cover Your Assets)

  6. Reply
    momma j
    May 2, 2011 at 5:19 am

    Yes as long as it’s not classified as business property. Try mortgage brokers for different rates and loan styles. Mortgage brokers are more likely to do the 80/20 loans with no money down so you don’t have to pay pmi. What I mean is they will give you two loans one 80% one 20% so you don’t have to pay primary mortgage insurance. Best of luck congrads.

  7. Reply
    creditscoring.com
    May 2, 2011 at 5:19 am

    If you are a military veteran, yes. Otherwise, zero down is a moving target– running away from you.

    The conventional no money down/zero down/100% financing options are drying up as we type. Run to a broker or lender now. Mortgage insurance companies have cut back the maximum loan to-value ratio to 97% (3% down, that is).

    On the other hand, earlier this month, HUD lost a lawsuit about its ban on the Nehemiah- and AmeriDream-type down payment assistance in FHA loan transactions. Some consider the programs a shell game that only helps to over-inflate property values.

    Your score is below the average (median) of 723. Try to improve it to give yourself an edge. It isn’t hard once you know the rules, and the “reasons” (search for the term “reason codes”) that your score is not higher. Try myFICO.com to get a handle on it.

    Look for a return of scrutiny of reserves (money in the bank) and job stability. It isn’t all about the score, any more.

    But don’t let advice from a message board decide for you! This is big stuff you’re dealing with (spending tens or hundreds of thousands of dollars), so take it seriously. In this market, loan officers will stumble over themselves and each other to get your business. Just apply for a loan– a pre-approval– and get a real answer. You don’t have to buy a house just because you applied for a loan.

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