Do I really need to have...?

Question

money for a down payment to get a FHA Loan? Is there a way to get the loan if I have absolutly no money saved? If not is it wise to get another loan for the down payment or just wait and save. If I must have money for a down payment, how much would be the minimum?

Answer 1

FHA requires a minimum 2.25% down payment. However, that money can be in the form of a gift. There are down payment assistance programs that will provide ths money as a gift at closing and is repaid by the seller.

There are also 100% financing programs like many of the other people suggested, but they are typically at higher interest rates than FHA.

Please contact me if you'd like to see if you qualify for down payment assistance.

Answer 2

You don't need money to put down. Some city programs offer loans that give 100% - 107% (down payment assistance, community development, etc). Call your city or look at the website and research first time homebuyer assistance. In some instances, you can get 100% financing and get the seller to pay closing costs - that's what I did.The government is really pushing homeownership now, so no...you really don't need $$$ at all - just maybe a little savings to choose what color paint you want. :-)

Try searching online for "first time homebuyer programs" and you'll get the information you need.

Answer 3

I don't know much about FHA lending, but there are conventional programs that allow you go in with 0 down. My employer offers an "Affordable 100" program and an 80/20 program that allows you to avoid mortgage insurance by keeping your first mortgage to 80%. The less you have to put down, the higher your rate is likely to be.

Answer 4

I didn't...I had no money for the down payment....the only thing that I had to have was 100 earnest money when we made an offer on the house.

Answer 5

you could probably do a 100% financing first time buyer loan.