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Especially as a "new investor", 0-5% down is usually a risky option. It is almsot sure there will be negative cash flow if you are planning to rent it out. If you are planning a flip, you need really need serious reserves and a backup plan if the sale does not go through.
Also, although there are still 0-5% down options for owner occupied homes.... I don't really know any investment programs with <10% down payment and substantial reserves/credit/income.
I would like the name of the lenders that still have -0-5% down payments...please private message me...I am moving soon, and would rather spend this money I got into a down payment for a house than renting. It will be cheaper to buy than rent...by my credit is kinda crappy. Darn it...
I thought about it...but it is so hard to get a competent broker to work with me and my husband. My credit is looking up, gettting better and I really don't have much debt (except student loans) problem is, I'm not the bread winner in my house, my husband is the one that has the income but his credit has gotten a little crappy in the past few months. We are moving, because he is getting a new job and taking a pay increase of $25,000 once he get out the Navy next month.
I just wish there was something we could do...for sure...we could put down 5% on a house...I rather do that than give it to the "rent" man with the deposits, pet deposits and all that stupid crap...and still pay rent upwards of $1500 for a house big enough for my family.
I thought about it...but it is so hard to get a competent broker to work with me and my husband. My credit is looking up, gettting better and I really don't have much debt (except student loans) problem is, I'm not the bread winner in my house, my husband is the one that has the income but his credit has gotten a little crappy in the past few months. We are moving, because he is getting a new job and taking a pay increase of $25,000 once he get out the Navy next month.
I just wish there was something we could do...for sure...we could put down 5% on a house...I rather do that than give it to the "rent" man with the deposits, pet deposits and all that stupid crap...and still pay rent upwards of $1500 for a house big enough for my family.
So, it's the brokers fault that you and your husband have credit issues?
Recent late payments are going to be a real problem no matter who your broker is.
I thought about it...but it is so hard to get a competent broker to work with me and my husband. My credit is looking up, gettting better and I really don't have much debt (except student loans) problem is, I'm not the bread winner in my house, my husband is the one that has the income but his credit has gotten a little crappy in the past few months. We are moving, because he is getting a new job and taking a pay increase of $25,000 once he get out the Navy next month.
I just wish there was something we could do...for sure...we could put down 5% on a house...I rather do that than give it to the "rent" man with the deposits, pet deposits and all that stupid crap...and still pay rent upwards of $1500 for a house big enough for my family.
If he was in the Navy you can look into a VA loan, but its going to be hard if "his credit has gotten a little crappy in the past few months".
That statement needs a lot more clarification. Its not about being a "competent" broker, a half-way "competent" broker, lender and underwriter would worry about how someone with recent problems paying their bills is going to make the house payments on time. If you have 5% ready to put down on a new home, the first step is to use it to pay the bills you already have. Not trying to be mean or anything, but its what any "competent" financial advisor or lender will ask to see.
I was watching CNN and they had a man on who said that to get a mortgage for a home you need at least 20% down regardless of your credit rating FICO score. The Reporter did not challenge him on this statement. I can not believe that this is true. Is the 5% and 10% down mortgage gone. How many first time homeowners can afford a 20% down payment?
With great credit you can get any loan you want. Gone are the times when people spending half of their income on housing can get a loan. The purpose of the 80/20 loan was to avoid mortgage interest.
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