 | Does anyone know of a way in New Brunswick to get a mortgage with a credit score of 638 and no down payment? |
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Question: Does anyone know of a way in New Brunswick to get a mortgage with a credit score of 638 and no down payment?The credit score is on it's way up, it was 608 about 4 months ago. But we'd like to get a mortgage now but don't have the money for a down payment. Any ideas?
Answer: -Call a mortgage broker. As long are your DTI works out 638 is fine for a mortgage. There are people with 580s getting 100% financing so I'm sure you can do it. -You can get 100% financing with no problem if that is the middle score of the primary borrower. Your debt to income ratio must be no higher than 50%, 55% with some lenders. If your real eatate agent can negotiate that the seller pay your closing costs (up to 6%), then you can get in your new home with little to no money out of pocket. -call the different mortgage companies and ur bank and see what they have to offer. only ur LOCAL companies can help u with ur ?
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