OH zero money down home loans

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Dave Zwierecki
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OH zero money down home loans
What is the minimum credit score that is needed to obtain 100% financing in OH? This is an extremely common question asked by many first time homebuyers and other consumers looking to buy a home. While most lenders require a 580 middle credit score to offer a mortgage home loan with zero down some lenders will go down to a 550 credit score for 100% financing. Consult your mortgage professional to find out if your credit score and other factors will qualify you for a zero down home loan in OH.

You might also ask your mortgage broker about companies that offer to have the PMI added to the interest rate where it is tax deductible, or have them do an 80/20 loan to avoid MI altogether.

Credit score is not the only thing that lenders will look at. There are other things such as down payment seasoning, debt to income, and Loan value. Your mortgage professional will know the best lender that fits your financial needs.

Often times its best to use a "rapid rescore" approach to fix your credit first. Sometimes there is no time for this approach and sometimes there is. If your preparing to purchase a home its best you get your credit score as high as possible first.

Fannie Mae and Freddie Mac offer loan programs that allow borrowers to purchase a home with zero money down. These loans allow low credit scores but are often approved with higher interest rates and may require larger PMI monthly payments.

The best thing to do is consult with a mortgage professional to review your income, assets, and credit rating in order to devise the best mortgage financing plan of action. Call today at 888-418-4467 to set up an appointment.

You can obtain 100% financing with a low credit score, but understand that your credit score also affects your rate. A low score means a higher rate. However, it is common for a buyer to buy a home with a higher rate mortgage and work at improving his or her credit score. Then 2 years later, that buyer can refinance into a much lower rate mortgage.


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