How can i buy a house without alot of money down?

Question

I want to buy a house soon but i dont have alot of money to put down. How will i go about doing this any sites,...ect. I really want a house. Just had a baby and i dont want to wait to long where i will be spending my whole life to just paying it off.
thanks

Answer 1

There is a lot of help out there. Let me give you some links that might help you get some direction. After you do your research make sure that you get a good reputable agent to help you through the maze. In almost all cases the real estate agent gets paid by the seller's agent.
Here we go:
FHA Federal Housing Administration loan programs: http://www.fha.com/
FHA Rural Housing loan programs: http://www.rurdev.usda.gov/rhs/common/indiv_intro.htm
US Government Housing assistance grants all areas:
http://12.46.245.173/pls/portal30/catalo...
US Government Grants page: http://www.grants.gov/
US Federal Domestic Assistance catalog for all Federal Programs available to State & Local Governments & the Public
http://12.46.245.173/cfda/cfda.html
All government Benefit Programs http://www.govbenefits.gov/govbenefits_en.portal
Federal Reserve, pamphlet on acquiring the best mortgage: http://www.federalreserve.gov/pubs/mortgage/mortb_1.htm
US GOVERNMENT CONSUMER TIPS ON HOMES: http://www.consumer.gov/yourhome.htm
USDA Rural Housing programs & eligibility requirements: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
List of all available Federal programs http://www.govbenefits.gov/govbenefits_en.portal;jsessionid=FX2KrmkSYpQNWvJT5M5bCT8d6NfrbMGL2kWh01jgmGKD5HYmGYyj!-1747634320?_nfpb=true&_pageLabel=gbcc_page_locate_federal&_nfls=false
Finding out what benefits you are eligible for with the US Government
http://www.govbenefits.gov/govbenefits_en.portal?_nfpb=true&_pageLabel=gbcc_page_questionnaire&_nfls=false
HUD’s Local Home Buying Programs in each state. From State Governments:
http://www.hud.gov/buying/localbuying.cfm
Start with a small property and as your equity grows and you can afford whatever bigger difference in a new note and mortgage you can get a bigger one later.
I wish you the best in your quest.

Answer 2

What some mortgage places do so you don't have to pay PMI is you take a Home Equity Loan that covers the 20% down.

The Home equity load is at a higher rate, but the the loan amount is smaller.

If you're part of a credit union, I would talk to them first.
Also, do a lot of research and don't get in over your head by buying a house that's is pushing your budget to zero. You still want to be able to save money month to month.

Answer 3

Mortgages are available for those with limited or no downpayments, to purchase a house. However, do expect to be required to have a very good to excellent credit score, along with a verifiable regular source of income which the lender can use to insure that you are capable of making the monthly payment.

Answer 4

Look up the housing finance agency for your state. Low income single mothers fit right in with their first-time buyer programs, which include downpayment assistance, closing cost assistance, below-market interest rates, and sometimes even monthly payment assistance. And of course, educational information for first-time buyers as well, and referrals to their lending partners to walk you through the whole process.

Good luck.

Answer 5

There is loans out there for 100% financing depending on your credit score. Email me I might be able to help you out. [e-mail]. Thanks and Good Luck!

Answer 6

you will need good if not perfect credit or a good collateral.