We are trying to buy a home and just wanted to know if it was possible to get financed with out having to put a down payment or a huge down payment. Our credit isn't the best, but think it is good enough to quialify for a loan. Just don't know if it is good enough to qualify for no down payment. Any advice on if this can be done with no huge down payment.
2006-08-10 11:37:16 · 12 answers · asked by Kelli 3 in Business & Finance ➔ Renting & Real Estate
Absolutely! I specialize in helping First Time Homebuyers finance their homes with no or low downpayments.
It will depend on your credit and your debt to income ratio.
Please e-mail me for more details! amkornele@yahoo.com.
Anne : )
2006-08-10 15:03:50 · answer #1 · answered by amkornele 3 · 0⤊ 0⤋
Yes you can. Is your credit good? You can get 100% financing but the interest may be an ARM Adjustible Rate Mortgage. Right now my area is filled with foreclosures of people that got homes for 100% down and now the ARM interest rates have gone up and they can't make the payments. Best bet is to save up something! Anything! get a fixed rate mortgage. Talk to a reputable load officer and shop around for a good deal. Some cities have programs to help people get in to a home.
Shop smart for that loan, take your time.
2006-08-10 11:48:01 · answer #2 · answered by From a real estate agent 2 · 0⤊ 0⤋
Yes you can buy a home with no down payment! You either have to have a really good credit score or you have to apply with the program!
2006-08-11 15:30:44 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes, you just need the seller to agree to pay the down payment and the pre-paids. This will likely mean that they want more for the house, but it will let you get in for very little or no cash.
2006-08-10 11:44:33 · answer #4 · answered by mufasa 4 · 0⤊ 0⤋
There are many sites on-line, just by searching for;
Zero Down Home Loans. Remember thou, without a
down payment, you always must have "Mortgage Insurance".
Once an institution, figures your monthly payment, then Mtg., Insurance is added to that.
2006-08-10 11:47:18 · answer #5 · answered by Excel 5 · 0⤊ 0⤋
We have done it three years ago, bought house with 0% downpayment, the way they did it was take out two loans, one big for major cost of the house, the other one smaller which was used like a 20% downpayment for the first one. You still have to come up with closing costs.
2006-08-10 11:45:18 · answer #6 · answered by aaja 3 · 0⤊ 0⤋
I know that with a 580 credit score you can get a 100% financing and get the sellers to pay for closing cost or at least half of it. good luck going threw it now
2006-08-10 11:45:08 · answer #7 · answered by SAD 1 · 0⤊ 0⤋
Try getting a HUD / FHA loan. There are certain qualifications criteria like the value of home should be less than certain amount etc. Under HUD loans your downpayment would be as low as 10% or even zero.
2006-08-10 11:42:49 · answer #8 · answered by robot81 1 · 0⤊ 0⤋
Yes, there are a number of ways to purchase a home with no money down. The better your credit the better your rate. A good mortgage broker can show you a number of ways to purchase a home with little or no money down.
2006-08-10 12:18:07 · answer #9 · answered by Chris D 1 · 0⤊ 0⤋
Sometimes. Can depend on what you're paying for the house vs. its appraised value - appraisal by bank or other lender, not tax appraisal which might not be anywhere close to current value.
2006-08-10 12:26:35 · answer #10 · answered by Judy 7 · 0⤊ 0⤋