Well, it can be possible depending on which lender you chose. Your interest rate would be very high causing your monthly payment to probably not be very affordable or worth financing 100%. You can also do a balloon loan which is two different loans the first is 80% of the mortage amount and the 2nd mortgage is 20$ of the mortgage amount. But again… the payments might be very high!
Is it possible to get 100% financing for a mortgage with a credit score of 587?
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No
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I’m a manager at the Midwest’s largest private mortgage bank
No, have you heard about the credit scrunch lately. The lenders are even looking at the house value for the next 6 month (which most likely will go DOWN), so 20% down payment required even with awesome credit score. You need to improve your credit score drastically and save up for 20% down payment.
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Not in today’s market. It will be difficult for you to get a loan period since the subprime market is basically gone and you will at least need 20% down, high income (for low debt ratio) and assets
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No, they will not offer you that. In order to get financing like that you have to have excellent credit.
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Well, it can be possible depending on which lender you chose. Your interest rate would be very high causing your monthly payment to probably not be very affordable or worth financing 100%. You can also do a balloon loan which is two different loans the first is 80% of the mortage amount and the 2nd mortgage is 20$ of the mortgage amount. But again… the payments might be very high!
References :