T Nation

Buying First Home, Getting a Loan?


#1

Well I'm going to the bank to see how much they will give me....My question is do you need to have a down payment on the loan for a first time home buyer??? If so well I'l F'd because I want to buy my home before Obams tax break is over this jan, and I wont have enough money by then for a 10% down payment....anyone know???thx


#2

I believe in this current economic climate these requirements are changing frequently. Somebody who bought a house just earlier this year may be giving you outdated information.

Not to mention there are personal factors that change from person to person. The guy who tells you he bought a house 2 months ago with no money down may have a FICO score of 800 while yours is 590. That will definitely make a difference in whether or not you need a down payment.

Best thing to do is talk to the mortgage folks and find out what is going on right now and what you are eligible for based on your credit rating.