First a disclaimer. This is a simple and easy way to know. Yes, there are other options and this and that, but this is a quick “how to tell” if you are talking to a good buyer.
If you have 700 or better credit scores and have 5% down payment and money for closing costs, your a stud buyer. Yes, loans still allow for seller contribution for closing, but lets work that out when we have to.
If you have under 700 and even more specifically, under 680, you’ll need FHA financing if you are looking for low down payment financing…you are going to need 10% down payment with those scores probably outside of FHA, and VA. Yes, there are a couple places you can find conventional financing with 5% down if you have under 680, but it’s time for “THAT” buyer to save for 10% down payment and have a better loan availability to choose from.
If you have 610 or higher and only have 3.5% down payment, it’s likely you can get FHA financing, but you need to submit all your income and assets to the lender up front and give up your whole story so they can run it through their system or get an underwriter to look at it first.
I don’t know if any of you readers have seen the cartoon movie, Cars, but this is where it stops. “Welp, G’NITE” as all the Cars drive off and leave Towmator in the night alone…he’s afraid of the ghost light. Yeah, that’s it. It’s easy and simple these days isn’t it?
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