Mortgage with Poor Credit in New York
How to I get a mortgage with poor credit in New York?
I have been paying the same amount in rent as I would pay for a mortgage and I would really like to own a home. I know there are loans for poor credit but I am afraid that I will pick the wrong one. I realize with poor credit I shouldnt be looking into this but I am now better capable of handling my finances and have a steady income. I know which home I would purchase, just need to find a good mortgage. I dont want to jeopardize my family and end up with the wrong loan.
I have about 25,000 in savings for a downpayment which I realize I still need more……to avoid pmi . I plan to stay in the house for a long time.
If your credit is bad you will need a down payment. No 100% financing available if your credit it lower than 590. The down payment will be from 5% to 20% depending on your credit.
So if you haven’t started saving already, start now and get a copy of your credit report so you know what to expect.