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Can i acquire a loan with a fico of 626 but i dont have nothing for down payment?

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Hi Tiffany, With a fico score of 626 you can go for an FHA loan. But FHA does require at least 3.5% down payment. I know they do have programs that assist in down payments.

JKennedySLG · Posted: Wed Aug 12, 2009 7:30 am Post subject:

620 and above is a qualifying credit score for FHA. FHA does allow for a gift of the down payment and you may also receive 6% sellers concession which would cover your closing costs. If you are able to get a gift and the sellers concession, you may have a shot.

Please keep in mind that it may benefit you more to save a few dollars prior to purchasing a home so you have some reserves just in case something comes up. I hope this helps...

gmakerley · Posted: Wed Aug 12, 2009 9:05 am Post subject:

almost every state in this country has a first-time homebuyer program, and most of them also offer down payment assistance programs. if you find such a program, you can actually (potentially) obtain a new mortgage with next-to-nothing down - perhaps not no money down, but awfully close.

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