My boyfriend and I want to purchase a condo in Orlando. The problem is that we both ran up credit cards when we were younger, and we have been late on our car payments a couple of times. I know our credit isn’t the greatest, but we have paid our bills on time recently. Do you think we will we be able to get a loan for 100%?
It sounds like you may have heard the hype in the media recently that 100% financing will only be available for perfect credit as foreclosures begin to rise. It’s true that the markets have begun to tighten recently with regard to 100% financing, however your personal loan profiles may warrant a community lending loan or government loan that allows you to put little or no money down to purchase your first condo.
So while you may think your credit isn’t the greatest, it is best to speak with a loan officer first see where you really stand. My advice to you both is to make a call to your loan officer so that they can take a look at your overall financial situation. They will be able to tell which options are best for you both. Good Luck!
Sherry Graziano is a Mortgage Advisor for Coldwell Banker Home Loans and has been assisting buyers for over 5 years. She currently specializes in condo mortgages.