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Reply to "670 score, 16k, want to borrow 700k"
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[quote=Anonymous]I don't think you'll be able to borrow $700k with only $16k to put down. That $16k is only a bit over 2% of the amount you want to borrow. Most lenders want you to put down at least a 5% down payment. Zero-down mortgages do exist, but they require good credit. Also, you really don't want to be cash-strapped and paycheck-to-paycheck after buying a house. Houses break and are expensive to fix. Is there hope for you? Sure—for the future. You make good money, so you [i]can[/i] save. Take a year or two to lower your expenses, save up for a larger down payment, and get your credit in better shape. Then you'll be in a better position to buy.[/quote]
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