. asked in Business & FinanceCredit · 10 years ago

671 credit score home loan?

My credit score is 671 now, And i would like a 110.000.00 home loan from any bank but am not able to afford much of a down payment, Where would be the best home loan company that i should go for.

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  • 10 years ago
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    You will not get much luck working through a private lending agency with that kind of liquid and no down. Your only viable option at this point is buying a HUD home with an FHA loan. (HUD stands for housing and urban development) they are basically government homes that are not as nice but

    ...luckily .these HUD homes are an incredibly good deal....

    ....HUD takes back homes from people that can’t afford to be in them. Then they are just stuck with these houses that are not making any money. They need to get them off their hands.

    ...Keep in mind, that using the right lending agency is crucial. A lower interest rate makes all the difference in being able to afford a home or not.

    Different lenders all have different practices and you will find that some lenders try to charge you way more than reasonable. .

    Not all lenders are able to finance HUD I would find an agency that does FHA loans and are HUD approved.

    You may be eligible for FHA-insured mortgages. This means even if you had credit challenges in the past, you may get approved because the FHA (Federal Housing Administration) is helping you as a citizen of this country

    And if you’re a veteran, you can also qualify for a VA loan. Not to mention HUD will often pay your closing costs and broker’s fees! And offer you government down payment assistance

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  • Anonymous
    3 years ago

    For Credit and finance solutions I recommend this website where you can find all the solutions. http://your-finance.us/index.html?src=crT61dsx0Pzq

    RE :671 credit score home loan?

    My credit score is 671 now, And i would like a 110.000.00 home loan from any bank but am not able to afford much of a down payment, Where would be the best home loan company that i should go for.

    Follow 6 answers

    Source(s): For Credit and finance solutions I recommend this website where you can find all the solutions. http://your-finance.us/index.html?src=crT61dsx0Pzq
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  • 3 years ago

    671 Credit Score Mortgage

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  • 10 years ago

    You may qualify for an FHA loan if you have 3 1/2 % down payment but not much else. You may have to wait until you have more money saved.

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  • 10 years ago

    As the first post stated you will need a few percent down. FHA is your best bet. You need to consider that banks look at more than credit score. You will need a good debt to income ratio (to prove you can pay it back), a good loan to value ratio (in case you don't pay it back) and a stable employment history.

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  • 10 years ago

    You would need at least 3.5% down payment for an FHA loan. Add in another 3% for closing costs.

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  • 4 years ago

    Hi, just wanted to mention, I enjoyed this discussion. Very inspiring replies

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  • 4 years ago

    Everyone has their own opinion, but I don't think so

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