Can i buy a $150,000 home with $10,000 downpayment and an average credit score?

I live currently on long island and the living cost here is just way too expensive i will never be able to afford buying my own house here. Where as i used to live outside of Houston, TX and with 150k you can easily get a very nice house thats less than 20 years old. so what am i looking at here? suppose i have 10k for downpayment... thanks!

Public Comments

1. Try an FHA mortgage, only 3% down needed I believe,
2. Normally you need 20% for a down payment. In this case that would be $30,000. For some this is unrealistic so a smaller down payment might be OK. Call a Realtor or mortgage company in Houston and see what the requirements are. Some mortgage companies finance 100%.
3. You likely can get it done if you have a job. You will need a job history and a steady job. If you are thinking of just landing in Texas and doing this, I doubt that it will work. You will need that employment history. The bank or lender doesn't want you to buy the house and then not have a job to pay the mortgage. The last thing they want is to have to take the house back in foreclosure.
4. depends on what you think an "average" credit score is - if it's over 675, you should get a mortgage - the higher the score, the lower the rate you'll get-you'll need another 5k or so for closing costs
5. Yes you can do that, but it depends on you credit score and income. Don't forget your closing cost also.
6. It also depends on your debt to income ratio. So pay off any outstanding debts such as a car loan or Visa, before applying.
7. Hi, Yes, you can. Lenders will vie with each other to give you a loan irrespective of your credit score. But, choose the best mortgage option before deciding on a lender. You can visit the webguide http://www.fundsleader.info for some useful tips on home mortgage. Good luck to be a proud home owner!
8. Average credit score is 723. If this is your score, you should have no problem with no money down. If average to you is 620, you may need 10% and that would be 15k. You are almost there, keep saving, and good luck.
9. You can do an FHA loan with the information you have given me. Those loans only require 3% down, which you have but you have to prove your income with FULL documentation. Your income must be there on paper, paystubs and W2s or tax retursn. Do you have a regular paying job can your income handle the mortgage payment? Also, if your credit score is average this may be the best option: **The debt to income ratio's on an FHA purchase (SFR - single family residence) are 31/43 (which means - the top number is your housing cost divide your housing cost into your total gross income you receive you are you at 31% or below)? **The bottom number is your overall debt (all other bills including the new mortgage payment - don't forget taxes and insurance monthly cost). Divide your total debts inc housing into your income should be below 43% or below. I'm a mortgage lender so here's a generalize cost of the mortgage: Purchase Price $150,000 Less Down Payment - 4,500 (minus from the $10,000) Loan Amount $145,500 Closing costs around - 3,800 (minus from the $10,000) Annual tax amount based on 1.25% of the sales price. If you do impounds (monthly payment includes taxes and insurance) you will need these funds: Lenders want at least 6 months of taxes paid upfront - 937.50 (minus from the $10,000) - 650.00 (minus from the $10,000) see below for figures: annual taxes (paid semi-annual) = $1875 monthly $156.25 Insurance annually = $650.00 monthly $54.16 Your monthly payment for a 30 year fixed rate is around 6.875% here is the payment: Principal & Interest $955.83 Taxes Monthly 156.25 Insurance Monthly 54.16 Total Payment $1,166.24 Take the total payment add your debtss and divide this into your income your total debt to income ratio needs to be 43% or under.