bcbadboy Posted August 12, 2005 Report Share Posted August 12, 2005 What is required to get one and what type of scores will they accept?How much money do I have to put out of my pocket for a down?House is going to be $112,000. Link to comment Share on other sites More sharing options...
liverichly Posted August 13, 2005 Report Share Posted August 13, 2005 With 676 scores and if you've been working in the same industry/field for 2 years you shouldn't have any trouble getting an interest only mortgage & 100% or 80/20 combo financing. Usually 600 scores are needed for interest only and if your debt ratio qualifies 100% financing is available with a score as low as 560 with sub-prime leners & FHA is not score driven. Even with 100% financing of some sort there are usually closing costs & pre-paid items, if you don't negotiate with the seller (usually 3% seller concession is allowed) then those items will have to be paid out of pocket at the close. In FL on a $120k home I'd ballpark it at $4k-$7k depending on the points. Link to comment Share on other sites More sharing options...
bcbadboy Posted August 13, 2005 Author Report Share Posted August 13, 2005 Thanx for the reply. I am looking at low money out of my pocket. I thought intrest only would be cheaper. Is there any other cheaper way? I bought a pre-construction and the developer said he would pay up to 6% on closing cost. Link to comment Share on other sites More sharing options...
firstsource Posted August 13, 2005 Report Share Posted August 13, 2005 The way you have it set up, you should not have to pay more than 1 years home owners insurance, and the interim interest. Probably total less than 1K. Since you probably qualify for conforming loan/s, be sure to have 2 months PITI in reserves in your bank account/stocks etc for 60 days before closing.CharlesPITI (Principal-Interest-Taxes-Insurance) You will have some principal to pay on your 2nd mortgage. Link to comment Share on other sites More sharing options...
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