Will i have to pay a couple thousand more than what the property is worth... I really want to buy a home but down payments in Orange County are insane.. I want a 3 bedroom 2 bath so i can rent the other 2 rooms anyone have any ideas.....
2006-07-26 10:27:10 · 17 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Orange County is entering a buyer's market. You can get sellers to pay your closing costs (if they're smart) and get a 100% loan (80/20 first/second will more than likely save you money over a single loan). This begs the question of whether you can afford the payments, but there's not enough information to judge that.
Get your renters lined up ahead of time, and there are procedures to have their rent count as part of your qualifying income.
2006-07-26 12:56:34 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Yes, buying a home Zero Down Zero Out Of Pocket Costs IS A POSSIBILITY!
However, there are many factors that determine if you are a eligible for those types of programs.
My suggestion would be to get with a Mortgage Planner to analyse your situation and get pre-approved for 100% financing.
Then start looking at properties, and when you find one, ask for a "sellers concession" to have the seller pay for all the closing costs.
The only costs you may have to incur are the appraisal fees (normally $320), and I recommend a home inspection as well which is approx. the same amount.
Takes some extra leg work but it is possible.
2006-07-26 11:25:16 · answer #2 · answered by ReggieWjr1 4 · 0⤊ 0⤋
yest its possible here is what you are looking for:
Qualification of 80/20 loan.
80% should be a 2/28 arm or 3/27 arm.
20% Closed End 2nd. Stay away from Helocs rates are going up and your payment on a heloc runs with the market.
Than after you get a prequalifcation letter you want to take that to your Real Estate Agent. When you find the home you can live in (not your dream home) than you have the real estate agent put in the contract the following (Print this)
Seller to contribute to buyers up to 6% of the buyers recurring and nonrecurring closing costs.
The only out of pocket you should have to spend is
350 for appraisal and 350 for Home Inspection. If you want have the seller pay for the appraisal but than you dont have a right to view it if they dont want you to.
Live in Northern CA if you need help or questions than call or email me.
2006-07-26 11:09:10 · answer #3 · answered by Openthathouse.com 4 · 0⤊ 0⤋
We were able to purchase our first home with no money down* However...... you need to have a good enough credit score so you can qualify for an 80/20 loan. 80% being a traditional mortgage (watch out for interest only loans and adjustable rate loans) and 20% being an equity line of credit. This tends to have a higher interest rate but you can usually count the interest that you pay toward your taxes :) An equity line of credit is also good for the future because (after you pay it off) you can use it for home improvement, purchasing new car and being able to write off the interest etc. The second thing is you may have to come up with the $$$ for closing costs, but if do like I did (and so many others have also) try and get the seller to pay closing costs or at least a portion of the closing costs so that you don't have to shell out big bucks...... Good Luck!
2006-07-26 10:42:43 · answer #4 · answered by Princess Veronica's Mom 3 · 0⤊ 0⤋
Your credit score is the key. Might find a retired couple that want to sell and have a steady income. You would have to have a balloon payment at the end of a reasonable time period . Interest has to be included so payment may be out of reach but they are out there. My son bought a fixer with very little down and a accelerated payment plan to a retired couple that could not keep the place up 10 years ago for 450,000 /Today it is valued at 2.8 Mil. It can be done. Good luck
2006-07-26 10:40:31 · answer #5 · answered by retired mountaineer 1 · 0⤊ 0⤋
Here is a tip to buy a house "no-money down" with out having to qualify for some incredible loan. If you find a motivated seller, preferrably with a home that is "for sale by-owner" you may be able to find someone who is willing to Lease-option the property to you. This means that you are leasing the property with the option to purchase at a later date. This way, a portion of your monthly payments will go towards the purchase price, instead of making a down payment. Another upside is that you will be able to live in the house before you own it. If you decide you hate it, you don't have to purchase it.
2006-07-26 12:13:14 · answer #6 · answered by solidp 1 · 0⤊ 0⤋
It is very possible, there are several things that lenders look at, one is the property value. If you can find a home that is priced well under the appraised value and you have decent credit or a good relationship with your present banker. The other is the borrower(you) and your credit history. It may take some leg work but it is very possible. I own two houses that I never put a penny down on!
2006-07-26 10:36:24 · answer #7 · answered by answer man 1 · 0⤊ 0⤋
I purchased my home a few years ago and spent $0. I had below average credit. I got an 80/20 loan and worked out so that the seller paid all closing costs. I didnt haggle with the asking price, so that helped. It was higher for the area then, but the market is growing so I now have about 45k in equity.
2006-07-26 10:32:45 · answer #8 · answered by Devon G 2 · 0⤊ 0⤋
I can do a zero down for any property with no out of pocket cost. The loan cost are rolled into the loan amount and are usually about $2500-3000 depending on the property address, and sometimes must less.
Please goto my website at http://californiahomeadvice.com and click on APPLY NOW. Fill out the application on line and I will quote your zero down loan.
2006-07-27 05:28:06 · answer #9 · answered by emetalshop 3 · 0⤊ 0⤋
Yes, but you won't be finding a bargain. Most of the time you will need to offer at least list price to get the seller to pay your closing costs. Find a good mortgage broker to put together a nice 1st and 2nd package. Good luck
2006-07-26 10:33:46 · answer #10 · answered by jimmy dean 3 · 0⤊ 0⤋