I'm a single, working mom who is interesting in buying a home. My credit is okay, but have no money for a down payment. This will be my first home. Are there any programs for first time buyers? Can I get away without a down payment?
2007-03-05 06:57:20 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes, most states offer programs for first time home buyers which include downpayment assistance and/or a discounted interest rate mortgage. Check the site below to see if your state has a program available.
Some states (such as Louisiana) also offer special programs for single parents.
Good luck!
2007-03-05 08:20:42 · answer #1 · answered by S C 3 · 0⤊ 0⤋
The better your credit, the better your chances are of getting a loan with no down payment. The only way you will know for sure is to contact a bank, or mortgage broker. They will run your credit and should be able to tell you right away if you will qualify for zero down. The FHA loan is really good for first time home buyers, but requires 3% down. So, even if you can't quality for zero down, 3% is not that much, only $6,000 for a $200,000 mortgage. You should also check out www.hud.gov, and website for the state you are living in. There are many programs available that offer grants that will cover the down payment. Just be sure you have money for closing costs, if you don't have that either try and get the sellers to pay the closing cost. A lot of sellers will do this if their house has been on the market for a while.
2007-03-05 15:14:55 · answer #2 · answered by Primdiva 3 · 0⤊ 0⤋
Sometimes you can get away without a down payment, but the financing that you would get on such a loan might not be as good as the financing you would get if you had even a little bit to put down for down payment. You should evaluate all the types of loans that you qualify for.
Some companies (generally larger ones) have "Employer Assisted Housing Programs" where the company gives you money towards a down payment or to help pay mortgage fees. You can ask at your company if they do something like this.
Some states and towns/cities within the states also have local home buying assistance programs, where you can get help with down payment or loan fees. Check here for more info:
http://www.hud.gov/buying/localbuying.cfm
In general, the government's Department of Housing & Urban Development (HUD) webpage has a lot of useful information for people looking to buy their first home:
http://www.hud.gov/buying/index.cfm
Good luck!
2007-03-05 15:26:41 · answer #3 · answered by nha 1 · 0⤊ 0⤋
Unfortunately things have changed for the worse in the last six months. There used to be a ton of 100% financing programs available, but now that the subprime market was been shaken, many banks and lenders now consider 100% financing a risky loan.
You can still find 100% financing, and your best bet might be a government loan such as an FHA, or VA loan if you were in the military.
Aside from finding financing, I highly recommend you learn as much as you can about the process to ensure you can negotiate once you find a lender.
Learn a ton about mortgage at: http://www.thetruthaboutmortgage.com
2007-03-05 15:12:14 · answer #4 · answered by Todd S 3 · 0⤊ 0⤋
There are lots of ways to buy a home without a down payment, and there are lots of perks for first-time home buyers. Discuss it with your mortgage agent/banker.
The laws and programs vary too much from state to state to give more detailed information.
I don't think you get any perks for being a single mom. You already get great tax breaks that are being paid for by childless people. Don't be greedy.
.
2007-03-05 15:05:03 · answer #5 · answered by FozzieBear 7 · 0⤊ 1⤋
Most cities have programs for first time home buyers, but the problem is finding them. Try going to the biggest bank in your area and asking. If they can't help you, ask for a referral to a mortgage broker. Ask for one with an FHA guarantee for a lower rate.
2007-03-05 15:07:42 · answer #6 · answered by Buffy Summers 6 · 0⤊ 0⤋
Yes , Yes, and Yes... I am also a first time home buyer and almost have my house.. they even have a thing called a homestead plan.. i don't pay any taxes just by living there ask a bank or search the on-line banking you can learn alot just by using the search engine.
2007-03-05 16:02:40 · answer #7 · answered by Americasgirl 3 · 0⤊ 0⤋
You can always go with 100% financing - if you qualify. But that usually means a higher interest rate. There are lots of programs, and if you have a good mortgage broker, they should be able to find one that meets your needs.
2007-03-05 15:12:07 · answer #8 · answered by Colly 2 · 0⤊ 0⤋
I may be able to help. Contact me whenever possible
513-860-2940 ext 10
msmith@premierloangroup.com
Martin Smith
2007-03-05 15:06:32 · answer #9 · answered by Martin S 1 · 0⤊ 0⤋