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luckydriver

200K house 620 score 6000 cash

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Someone will likely be happy to screw you to the wall with an FHA or some other expensive, low-DP option, provided the income is marginally sufficient to get you past your eyeballs in debt payments.

 

Side note: It took $10k to replace the HVAC system shortly after the home warranty expired on our current house.  Two weeks earlier we had to replace a water heater. 

 

YMMV.

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interesting. well i saw someone advertise to get  you in a 200K house with only 6K cash and i totally called BS on it. i'm truly amazed this is possible. 3.5% of 200K is 7K so i didnt think FHA went below 3.5. obviously theres some great program out there i never heard of because i thought you had to pay all the fees on the HUD form at closing but i must be wrong then if someone can get me in the home for 6K. when i did a 186K refi i had 12 in closing costs. 

 

ill have to get my next mortgage from this stranger on the internet , i really never thought ads like this were legit. 

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Some programs require zero down. You can also ask sellers to pay a good portion of closing costs. So it’s very possible but rarely a smart move in the long run. Unless you have VA benefits for example.

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why wouldnt it be smart. is the interest rate higher? i'm still shocked u can get in a house that much with so little cash with 620 score. i thought they were scamming /bait/switch.

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47 minutes ago, luckydriver said:

why wouldnt it be smart. is the interest rate higher? i'm still shocked u can get in a house that much with so little cash with 620 score. i thought they were scamming /bait/switch.

 

3 hours ago, cv91915 said:

Someone will likely be happy to screw you to the wall with an FHA or some other expensive, low-DP option, provided the income is marginally sufficient to get you past your eyeballs in debt payments.

 

Side note: It took $10k to replace the HVAC system shortly after the home warranty expired on our current house.  Two weeks earlier we had to replace a water heater. 

 

YMMV.

I'm starting to think you have me on ignore.

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well she deleted the ad, i guess my specific questions were too much for her to handle. darn, i really wanted a 6K expensive house some day. much better deal than i got before😛

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The thing you have to look at is the terms of the loan...getting in with next to nothing out of pocket sounds good, but they likely are stuffing you into a very short term adjustable balloon, which means you will quickly see a higher rate PLUS have to qualify for a new mortgage.  Some loan programs also just suck.  You NEED to look long-term, not just at the shiny bauble staring you in the face...

 

With what has been described, you are simply not in a position to buy a house at that price point.  With only $6K to put into the purchase and no meaningful savings being described, you are screwed at the first sign of trouble.  Fix your credit and get some savings set aside...THEN renew the search. 

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1 hour ago, creditrepair2019 said:

If you and the property are eligible, USDA and VA loans are 0% down payment options.

Possible is not the same thing as advisable.

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