If so how? I would be a first time home buyer.
2007-04-30 02:45:11 · 15 answers · asked by TD 3 in Business & Finance ➔ Renting & Real Estate
Absolutely. I'm a realtor, and have also personally bought a home with zero down. You need to make sure it is the right option for you. Talk to a loan officer with a major bank - NOT an Internet mortgage company or even just a local mortgage company - Your best bet is to go with a well-known bank. Also, find a good realtor. It doesn't cost you anything usually and they can guide you through the process and make it much less stressful.
But more specifically about your question - when you go in to be pre-approved, they will ask for some basic information and will run a credit check. This is a "soft hit" to your credit and is nothing to worry about. They may try to determine your debt to income ratio as well. Most of the time the pre-approval can be done over the phone in about 15 minutes. They will then issue a letter that says "Congratulations! You're pre-approved, blah blah blah." This is good for 90 days. When you actually find a home, you'll go again, they will get tax documents and pay stubs from you, and make it official. Your realtor should be able to recommend someone trustworthy.
There are so many different loan programs out there. Your loan officer should be able to give you a few options. Be prepared to pay PMI (or private mortgage insurance) if you aren't putting any money down. This could increase your monthly payment fairly significantly, so be sure to figure it in. There are ways to avoid PMI, but I won't get into it here - talk to your loan officer.
Finally, the bank will probably approve you for more than you can practically afford. Be smart. Google "mortgage calculator" to get an idea about monthly payments, and don't forget to add taxes and insurance. A good guideline is not to spend more than 1/3 of your income on rent or mortgage. Good luck! I wish you the best, and feel free to e-mail if you have other questions.
(one last thing - be prepared for closing costs - however, you can in your offer request that the sellers pay up to a certain amount for closing - my husband and I did this and literally got money back at the closing table. Your realtor can explain further. It's also always a good idea to have inspections on the home - could cost anywhere from $250-500.
2007-04-30 02:58:23 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Yes, many states offer first time home buyer programs. Some of the programs include downpayment and closing cost assistance while others offer 100% financing.
Check out the site below to see if your state offers any programs that you may qualify for.
Good luck.
2007-05-01 08:03:31 · answer #2 · answered by S C 3 · 0⤊ 0⤋
I bought a home with no money "down" but I had to pay $3500 in closing costs. There are special grants for first time home buyers that might help depending on your credit, my real estate agent helped me a lot.....she wanted to make a sale!
2007-04-30 02:53:55 · answer #3 · answered by Angie 3 · 0⤊ 0⤋
Hello, I bought my first home 250,000 with 0 down 1250.00 month.
Although I do not recomend you can ask about a "stated income loan" Then refinance after 12 payments have been made.
Ask the seller to pay closing.
Click on the link below to read about "seller held seconds" and how it helps
Good Luck
2007-05-07 14:33:49 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You need to ask your local bank about a loan through Fanny Mae or Freddy Mac. These are Secondary Market Mortgage Companies that often handle these types of loans. Many banks will still "service" your loan even though it's through someone else. "Servicing" means you can sign your papers and make your payments at your local bank. There will be stipulations for the FH program such as salary restrictions (if they think you make too much you can't get one).
2007-04-30 02:53:48 · answer #5 · answered by Matthew T 1 · 0⤊ 0⤋
A 680 credit score will get you a home with $0 down + closing costs.
2007-05-07 16:32:35 · answer #6 · answered by Taco L 2 · 0⤊ 0⤋
Yes, it is.
Sometimes, if you have an excellent credit, the lender will allow you to make no deposit. Also, if your house is appraised at a much higher value than your loan, because you would have an instant equity, they can let you do this.
Be careful though, some lenders will charge higher interest rate when they require no deposit.
Typically, 10% deposit is required.
2007-04-30 02:54:52 · answer #7 · answered by tkquestion 7 · 0⤊ 0⤋
Yes, contact a trusted loan officer and she/he will pre-approve you (NOT pre-qualify you) to see if you qualify for a little or no money down mortgage. (A credit check will be necessary that you will most likely have to pay for ...usually $50). Money well spent. Good Luck! Are you a Veteran? Check into your veteran benefits...get your DD13 (again..see a loan officer.)
2007-05-06 13:16:57 · answer #8 · answered by Anonymous · 0⤊ 0⤋
definately-- i did... I got an FHA loan... {first time home owners assoc. or something like htat} i live in a economically depressed area in PA- i bought my house for $36,000 {its a pretty brick house with hardwood floors} my payments are $368/mo for 30 years.... the monthly payment includes homeowners insurance, and escrow, thats used to pay the taxes every year{so i dont have to budget those in}... it works for me! :)
2007-04-30 02:55:58 · answer #9 · answered by asailorsstar 4 · 1⤊ 0⤋
How?
Apply. That's how!!
Really. You should ask friends or family for a referral to a loan oficer. I have done many zero down home loans.
2007-04-30 03:36:10 · answer #10 · answered by DallasLoanGuy 2 · 0⤊ 0⤋