Anybody help me find lowest rates for my house mortgage!! ?

Question

Anybody help me find lowest rates for my house mortgage!! Any advice how to do it the best?? We (my family) trying to buy a hose in PA Philadelphia my father has credit score 720 3 years long and he just got a job (before he was in school) but we don’t have down payment what chances we have to buy a house which cost 170.000???

Answer 1

If you don't have a down payment do not even look at buying houses.  It's not smart at all- just watch the news when they talk about foreclosure.  9 out of 10 of those people had zero downpayment.  

Save up at least 10% downpayment (17K) before looking at places to buy.

Without a down payment, you're going to hvae a pay a really high rate since that's a HUGE risk to the lender... that is, if you can find a lender who still does 100% financing.  I'd say you probably won't find below 7%-8%.  If you had a downpayment you could probably get 6%.

Answer 2

His credit is very good, but it will be difficult to get a mortgage without any down payment. 3% down is really a minimum these days. There are options when negotiating the purchase offer with the home seller like asking for seller concessions and your real estate agent and mortgage banker can help you with that.

My best recommendation is for you father to speak directly with a mortgage banker who can explain the available options. 3% is not much to put down and they may be able to help you work something out!

Hope that helps and feel free to contact me directly through my profile if you have any more questions!