how can i buy a house with no mony down in tx?

Question

need one bad

Answer 1

All is not HOPELESS - ok - take a deep breath. If your credit score is 500 or higher, anything is workable. If your middle credit score is 579 or lower, you may be able to get a seller to help with what is called a seller 2nd. Where the seller holds the 2nd mortgage, and you finance 80 percent of the loan. If your middle score is 580 + than you can get 100 percent financing. Lenders look at 2 yrs job time, income to see if you can afford a home. you will need 1 month pay stubs, 2004 and 2005 W2's, not your full taxes, just your w2's.

Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) FHA/VA approved too. If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.

There are also programs available for payment assistant thru the USDA Rural Programs, and downpayment assistance programs. Check your state (ok)

http://www.nehemiahcorp.org/

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do



Lenders look at the middle score...of the 3 scores. If you only have 1 score or 2 scores (have seen it), it is still workable....but unless a lender sees the whole picture - credit - income - job time, etc - than you will not have a "true" picture of what you can afford - Hope this helps - There are also Government programs out there, but they too are looking for job time, etc.....They are not so much looking a credit - but the other factors are taken into consideration. With a government loan - judgements will have to be paid (most ppl do not know that) and collections can remain open, depending on underwriting and the cause of the collections.

Answer 2

A year ago any lender or bank would do it. Today is a different story. Many 100% financing programs have disappeared from banks and lenders product portfolios, and these loans are now considered subprime.

Nowadays you're looking at 5-10% down payment to get a house financed. You may be able to find 100%, but the rate will be steeper than you'd like.

I recommend putting some money down and securing a much better rate.

Learn more about credit and mortgage:

http://www.thetruthaboutmortgage.com

Answer 3

As long as you have decent credit you should be ok. I work for the nations leading mortgage lender and 100% loans have not went away. If you qualify, you can get one. Depending on your area, see if you can find a lender that participates in the Rural Housing program. They will let you borrow the full purchase price and closing costs, have no pmi and as good as a rate or better than putting money down. If you don't fall into that category of loan, there are still plenty of no money down loans out there. I'm not in your state but can lend there. Drop me a line if you want. Good luck!

Answer 4

If you have zero down, you most likely have no savings. You should never buy a home w/o having a small down payment 5% and at least a 3 month emergency fund. You cannot afford a home. Wait and save up. Once you have that, there are a lot of first-time home buyer programs that your local real estate company would be able to help you out with.

Answer 5

Try the 1st Time Buyrers Program, I live in Killeen, we have some really good lenders in this area, try Wells Fargo or a Texas Bank like First Bank of Texas, or National Bank of Texas

Answer 6

First, what kind of cord fence do you've? i'm basically picturing chain link, that's in many circumstances not seen acceptable and would not extremely upload cost for your position. A timber fence (if decently performed) would upload cost. actually you need to have time to think about, yet when your neighbor is prepared to shoulder the workload/rate, i'd enable her positioned up a timber fence (yet i'd attempt to communicate her out of vinyl). you may evaluate providing to assist pay for the fence in case you may furnish enter on the layout--and contractors would probably furnish you with adult males a deal on fencing 2 yards concurrently.

Answer 7

If your credit and income and debt ratios are ok, then there should be no problem. Find a Realtor you like - ask some people you trust about their Realtors. A good Realtor will have several honest loan officers he works with. One or more of them should be able to help you.

Answer 8

Just apply.

It is easier than you think to buy a home.

Once you apply, your lender will fill in the details needed.

Answer 9

can't.