Do I need a down payment to get a house loan? I have a terrific credit score (above 750), but no money for a down payment because I just paid off some huge medical bills. I have NO other debt either, not even school loans, credit cards, or a car payment. Thanks for your advice!
2006-12-02 02:06:06 · 7 answers · asked by JP 2 in Business & Finance ➔ Renting & Real Estate
do you want real world answer?
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yes. now for the rest of the story.
you got money for title search, survey costs, utilities hook ups and a bout 50 of things that coming with buying a house? no ? don't buy.
what you need is real cash not a house.
saved emergency fund, 6 -9 mths of projected operating expenses (lay offs downsizing broken ankle etc) visit daveramsey.com to learn what bankers pray you never ever learn.
don't do variable rates, zerodowns, 20%80% loans, 125%loans or any thing creative from bank / mortgage companies - they win you lose. as for the "interest deduction" 85% of home owners do not quailify for that 'deduction'.
do not believe bankers. buy a home for your useage not the realator's ego , school district, supposed appreciation etc. definatly not to keep up with the JONEs.
2006-12-03 11:47:30 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The great news is that you do not need a down payment. 100% financing is available even if this is your first home. There are a lot of different programs. Most will require you to pay your own closing costs or the seller can contribute (pay) them for you. This is critical to be stated in your purchase contract. You will also need some closing reserves. Depending on the purchase price, you can own your own home for very little in the bank. However, it is often wise to have at least 3 months of your anticipated payment sitting as reserves. This can be in checking/savings/or retirement accounts.
I have 20 years in the field and I'm a nationwide mortgage broker. If you want to research your options or build a purchase plan, feel free to contact me via http://www.slarson.com/contact or steve@slarson.com
2006-12-02 18:46:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you have good credit you may be able to purchase a home with no money down. You may be better off to wait until you have some money saved for a down payment before you buy a house. The more down payment you can make the lower the interest rate you can usually get.
2006-12-02 10:15:00 · answer #3 · answered by Flyby 6 · 0⤊ 0⤋
With a FICO score of 750 you should have no problem getting a loan without a downpayment. Keep in mind, that in some cases you can get a loan for 110 or 115% that will help you with closing costs. You need to show a steady job with a good work history too.
There are many lenders out there, make sure to shop around because their offers will vary greatly.
2006-12-02 10:12:18 · answer #4 · answered by chella_ny2004 2 · 0⤊ 0⤋
there are many banks to get a house loan. You just have to go out and look.
It is best if you can put something down on it though because it will get your payments down.
REMEMBER...do not get a morgage that goes up or down with the market. Make sure your payment is the same all the time.
Good luck
2006-12-02 10:14:09 · answer #5 · answered by spider 3 · 0⤊ 0⤋
HELLO, I AM A MORTGAGE BROKER WE ARE A COMMERCIAL AND RESIDENTIAL BUSINESS SERVICING THE NATION. TO ANSWER YOUR QUESTION, NO YOU DO NOT NEED DOWN PAYMENT MONEY. YOU WILL PROBABLY HAVE TO COVER CLOSING COSTS AND THAT IS USUALLY AROUND $3-4,000. THAT TOO CAN BE COVERED BY SELLER ASSISTANCE WHEN YOU WRITE THE CONTRACT ON THE HOUSE YOU CHOOSE. YOUR SCORES ARE HIGH ENOUGH THAT YOU WILL EASILY WALK INTO A MORTGAGE ON THE HOUSE OF YOUR CHOICE. . LET ME KNOW IF I CAN HELP YOU. THANKS MARY ALLBRIGHT
2006-12-02 10:54:04 · answer #6 · answered by MARY A 2 · 0⤊ 1⤋
Yes, but it could be s little s $2.00
2006-12-02 10:10:49 · answer #7 · answered by Anonymous · 0⤊ 0⤋