Depends on your credit.Do you know what your credit score is? You can get 100% financing if it's 580 or above. If you have to put money down it can also be in the form of a "gift" from a family member. You can also have your R.E. Agent negotiate that the seller contribute up to 6% to cover your closing costs, thus little or no money out of your pocket
2006-08-05 00:24:26
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answer #1
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answered by staceydian 2
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For little down payment yes. You could probably get a $100,000 house with $5,000 down.
All that said, BE ABSOLUTELY SURE that you will have no problems meeting the payment even under times of financial stress. The reason is that in a worst case scenario, such as foreclosure, you will still owe between $1,000 and $30,000 when it is sold. You will pay for the rest of your life on a home you do not own anymore. It is the hidden dark side of low down payment. There is no equity cushion even to cover a realtor's commission if you suddenly needed to move. It is also a very expensive transaction in terms of interest rate compared to the other.
2006-08-05 02:15:51
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answer #2
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answered by OPM 7
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If you have decent credit, particularly if you can prove you make enough to justify the loan, 100% financing is pretty easy to get. Yes, you are usually better off making a down payment, as not only will you owe less money but you'll also get a better rate. Nonetheless 100% financing is pretty easy to get these days. In the current buyer's market, you can even usually get the seller to pay most or all of your closing costs.
Make very certain that you can make the payments however. Getting foreclosed upon will kill your credit for years, not to mention the money you'll lose.
Here's an article where I show people how to figure how much of a loan and how much they can afford to spend on property:
http://www.danmelson.com/posts/1147464929.shtml
Here's an article on what sort of a loan you can expect
http://www.danmelson.com/posts/1147465405.shtml
2006-08-05 05:24:05
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answer #3
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answered by Searchlight Crusade 5
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YEs. There are 80/20 loans where you only pay your share of the closing costs. You can also do an 80/15/5 where you have two mortgages and pay down 5%. I usually tell my clients to save their down payment unless they can put down 20% with out cleaning themselves out. Most folks buying a new home for the first time do not have enough furnishings to fill a home. No lawn mower, humidifier, dehumidifier, garden hose, snow blower etc. Good Luck
2006-08-05 05:58:25
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answer #4
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answered by unclejesse1 3
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You will also need earnest money, which is $500 to $2500 depending on what the seller asks. Please keep that in mind, so money is required to "secure" the contract for a home. Earnest money is usually required for a real estate contract.
You should be able to put 3% down, excluding earnest money or if NO MONEY DOWN, excluding earnest money, then it's a 100% finananced loan. The loan officer is correct. Check your credit score for loan qualifications.
Also,If you get a home inspection that's money around $250-$400, survey $250-$350, and title insurance around $250.00-$300.
Please get a home inspection, title insurance and a survey for your sake.
2006-08-05 02:45:12
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answer #5
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answered by Anonymous
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Yes, but would you want to? Remember, for each dollar financed, you will be paying back $4 including compounded interest.
2006-08-05 00:23:18
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answer #6
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answered by Anonymous
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http://575nomoneydown.com
2006-08-05 04:41:34
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answer #7
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answered by ron d 3
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