Mortgage Loan Q & A
how to qualify for zero down loan for house?
I am curious on how to qualify for a zero down payment loan. What do lenders look at/need in order to approve a person for this kind of loan. Im fairly young (23), live in westchester, NY and have been renting for the last 6 years. I do not want to put any oney down as I plan to sell the house within 5-7 years. I have a mid-700’s FICO and very little debt…maybe about 6k total, which i plan to pay off by this summer. I would like to know what to do in order to qualify for a zero down loan…the price range of mortgage im looking at is no more htan 400k. Any advice?
Everything sounds good about you.
They’ll also look at how long you’ve been at your current job. The “age” of your credit history will work against you, but it’s not your fault that you’re only 23! Your FICO is good. Also check your debt/available credi ratio. Meaning, how much credit is open to you vs. how much you’re in debt. If you have 2 credit cards, one with a $4,000 limit and one with a $3,000 limit, and you have $6,000 in c.card debt, it’s a bad thing. But if you have 4 c.cards w/ a total $45,000 limit, it’s not as bad.
Also, $400,000 is a large amount.
They may ask that you put something down. If even 2%. Be prepared for that. They just want to know that you’re financially invested and motivated to make this payment.
Check out SuzeOrman’s webesite to help you understand more about what lendors are looking for.
Best of luck to you!
VA Home Loans – 0 Down Mortgages- in Broomfield, Brighton, Highlands Ranch, Boulder, Castle Rock, Thornton, Westninster, Arvada, Lakewood, Littleton, Centennial, Parker, Aurora and Denver Colorado
Mortgage Loan Reading
[phpzon] mortgage loan , 20, Books[/phpzon]
