Have you ever wondered what the Down Payment options are for your particular Credit Score? Below is a guide of what to expect based on the lenders that we work with. Checking Credit Karma can be a useful tool but keep in mind that Lenders will take a look at 3 credit bureaus and will select the middle score. Example: 620, 660,700 scores. The score used is 660.
We will break it down between Buying a Home with your own Down Payment and Buying a Home using Down Payment Assistance Grants.
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Credit Scores required when using Down Payment Assistance Grants.
580-619: 1 1/2 Percent Down
640: As low as Zero Down.
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Credit Scores required when using your own funds for a down payment.
500-579: 10% Down Payment. You must meet certain criteria and it is generally tougher to qualify for this FHA program.
580-619: 3.5% Down Payment. (FHA Loan) Must have a recent 12 months of clean credit history.
620+: 3.5% Down Payment for FHA Loans & 5% Down Payment for conventional Loans. FHA is easier to qualify for and will allow recent credit lates as long as your score is 620+.
Looking for the perfect home in the perfect place? Chances are you'll want to check here first.