Can a fico score of 580 get me a 100% firstime buyer loan in northern ca?

Question

Can a fico score of 580 get me a 100% firstime buyer loan in northern ca?

Answer 1

Not sure of california laws, but here in NH we need to have a minimum credit score of 670 in order to qualify, not even sure if this is for 100 % financing or just the minimum score.

Answer 2

Yes but not for much longer.  You can get a 97% LTV FHA loan with a 580 FICO and get a 3% "gift" from a down payment assistance provider.  The seller basically pays for the down payment assistance and it subtracts profit from their bottom line.  Ideally the home will appraise for 3% over the sales price and you can obtain your financing.  You have to have credit approval prior to October 1st due to the legislation that just passed.

Answer 3

Unfortunately prob not. Buyers with stellar credit are having a hard time getting 100% loans.

Banks pretty much want at least 5% down with stellar credit, and good job history (full documentation).

Lower credit, banks might want up to 20%+ down and good job history (full documentation).

Answer 4

~~You know the California lenders have been hurt big time, and it is difficult for someone with excellent credit to get a loan. Your credit score is very low, but it would also depend on you salary, debt ratio, etc. It looks pretty bleak for you to get a loan, but it never hurts to talk to a loan counselor.~~