Question by sublimeangell: who is the best home loan lender for first time buyer in michigan?
first of all i am active duty in the marine corps (2 years left), i dont want to use my va loan yet. my credit is not great and i do not have much to put down only a couple thousand. what should i do? thank youmy credit score is 660, is that bad.
Best answer:
Answer by Steve M
What you should do is seek out a lender with FHA financing. FHA is about the only zero down payment program today. It is technically a 3% down program, however you can have that paid for as well through various techniques. Again consult a lender that is very familiar with FHA, as well as your real estate agent because he/she needs to structure the contract a certain way for FHA loans to take advantage of it. As far as your credit score, FHA does not have a minimum credit score limit. Your ability to re-pay the loan is the single determining factor with a FHA loan. Your credit score of 660 is not to bad. It could use some improvement, but certainly not horrible. So to re-cap; FHA loans are becoming more and more popular due to tighter lending requirements with conventional. There are ways to get a home with zero or very little down. There also is a reduced mortgage insurance monthly premium. I see that being a perfect loan for you.
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