how can I get a house that I can afford to make payments for?Don't have down payment. I payed rent enough!

Answer 1

If you have a good to superb credit score..750 and up...you may qualifiy for a No Doc or Interest Only loans.

These loans can be dangerous in the hands of a careless homeowner.

Answer 2

Even with your presumed down payment of $48000 it's hard to tell you what to look for. That is simply because if you have no to low income at the time, you might not be able to afford a continuous payment of say $1500 a month on a 30 year loan. Maybe you could, but that all depends on your situation when you are 30. Would you like to go for a low monthly payment? Would you like to go for a 20 year or lesser loan? Do you want a fixed loan with no early payment penalty? Do you mind getting an adjustable rate, or a balloon payment? Those are all questions you need to answer when you are ready to buy. Then there are these: Will you be by yourself, or are you housing a family? Are you looking for an investment, to improve upon and then sell? Where do you want to live? All of these will influence what kind of price you should be looking for. If you really can put $400 aside per month, consider yourself lucky. Also consider putting some of it into a different kind of investment than a house.

Answer 3

You will simply have to search your area to find out what kind of house you can get for how much you can afford. Many real estate websites have a mortgage calculator. You can input how much you can afford per month and your downpayment (0) and it will tell you the price of house you can afford. You'll need to keep in mind that you will also have to pay taxes and insurance, adding at least $100 to your monthly payment (much more for more expensive properties).

There are 0% down loans available. These generally have higher interest rates. I suggest you meet with a realtor and a mortgage broker. I used Countrywide and they gave me all kinds of options, including special local programs and grant opportunities. A realtor can help you find a property you like in the price range you can afford.

Answer 4

Try an alternative mortgage program. Some offer 80/20 programs where you have two mortgages one for 80% and the second for the 20% down payment and you avoid paying PMI. There are others as well, like interest only loans, 103% financing, etc. You will find alot of information on the Fannie Mae Website, http://www.fanniemae.com.

Also, look for sellers that offer closing assistance, this helps alot!

Answer 5

Dependant upon your credit score, there are several programs out there that may help you.

What can you afford to pay? How long have you been renting? Do you have at least 12 months of verifiable rental history? What other liabilities do you have (auto, student loans, credit cards)?

There is 100% financing available for those with great credit, and other options for those with less than perfect credit.

If you need more information, email me or visit our website.

[e-mail]

http://aapexfund.com

Answer 6

Have a banker or Real Rstate Agent put you in touch with Rural Development and your state Housing Authority. There are many good programs out there and don't listen to the guy talking about 16% rates. There are great plans for low income no down etc.
Gewt a bBuyer Agent to work for you. Go to www.jackosullivan.net for buyer agent info.
Good Luck

Answer 7

Since you do not say where you live it is difficult to answer your question.
If you live in America just wait another 3-6 months. Then go to your Bank or any Bank and ask about foreclosers. The housing market in America has collapsed. Get someone who knows how to buy forecloser. You can save a lot and you will have many choices at your price.

Answer 8

Well, here's the answer to your question... "No Down Payment Mortgages":

http://www.quickenloans.com/mortgage/articles/no-down-payment.html

If you don't have enough saved for a 20% down, you can always apply for a mortgage loan that involves no money down. Alot of younger folk who want to buy can afford mortgage, but just don't have the money saved. Before you run off to the bank and apply for one, I'd read about the pros and cons first:

http://www.mtgprofessor.com/A%20-%20Down%20Payment/100%20percent_loans_blessing_or_curse.htm

Answer 9

Depending on where you live, you can check to see if your state has an modular home community. They range from various prices and can be customized to fit your needs. Check out some of these site www.skylinehomes.com, www.fleetwoodhomes.com, or do a search for clayton homes. I own one and love it. We were paying $825 for rent, but our house we pay $625 for mortgage. Check it out.

Answer 10

Why would you want to? As interest rates go up to 16% and the housing market collapses you will be glad you weren't given more credit than you could ever repay.