how could my husband and i buy a house for the first time with out a down payment.?

Question

our lease is almost up and we want to buy, but we don't have anything for a down payment. what kind of options are out their???

Answer 1

Talk to a local mortgage broker. There are several 100% financing options out there, but it depends on your credit history, job situation, cash reserves, etc. You should get pre-qualified before looking for homes.

A broker works with several different lenders and therefore has many programs to choose from. Banks have good programs too, but are sometimes limited since they only represent themselves. Brokers are also very competitive when it comes to rates and fees.

Rates are low and housing prices have stalled. If you qualify, now is a good time to buy!

Answer 2

If you wait another year because you think the prices will fall more, if the interest rates go up (which they usually do when prices fall) you'll still be making the same payment only most of it will go toward the interest, not the principal.

Plus you'll have the tax write off if you buy now, so if you have decent credit and you can afford the payments get in now!

That said, most states have lots of down payment assistance programs if you know where to look. For instance, in California there's the CalHFA first time buyer program which loans you money for the down payment but you don't have to repay it until you sell the house years down the road.

You can try Google-ing something like "Nebraska first time buyer programs" and see what you find, or ask a loan officer if they know about programs like this.

Typically for 100% financing you'll need very good credit and have a stable work history for at least two years. Just ask a loan officer and you'll get an answer pretty quickly.

Good luck!

Answer 3

If housing prices are falling in your area, you should wait until they rebound before you buy. If housing prices are flat, then you can save money if you can buy for the same amount (or slightly more) than your current rent. Otherwise, it is better to rent. If you happen to live in one of the two or three places in the U.S. where property is still escalating in value, then you may come out ahead by buying, even if it will be much more than rent.

However, two bits of advice:

First, many of the people who should have never been issued loans in the latest real estate bubble received their loans through mortgage brokers. There are some wonderful brokers out there, and there are some real S.O.B.'s who are only out to rip you off. If it sounds too good to be true, then it is.

Second, almost no one is issuing zero down payment loans anymore, except for government-sponsored assistance programs. Check with your local or state governments about housing assistance programs in your area.

Answer 4

Talk to The Department of Housing and Urban Development. They specialize in this type of loan and are kind of a pain to work with but they are a govt. agency> Oh well. They will get you into a home and there are lots of forclosures right now. So you could come out with a real good deal. Remember. No money down doesn't always cover the closing costs on a home. Make sure you address this with your lender. Good luck. I know that you will find something great

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Answer 5

the situation is your lender won't elect borrowed money getting used for the down fee, in any different case that they had supply you one hundred% financing. they'll probably request a verification showing the place the down fee is coming from ahead of clearing the very own loan to close. in case you borrow this money, a. they are going to recognize while they get a verification that it replaced into freshly deposited on your economic company account and could desire to recognize the place it got here from or b. in case you're doing away with yet another very own loan they'll see it while they run your credit precise earlier final (which some lenders do to make specific nothings replaced). it variety of seems such as you probably did no longer think of this by using earlier signing your contract. communicate jointly with your broking provider and notice what thoughts you have for putting down a smaller down fee or perhaps finding between the few loans accessible at one hundred% financing.

Answer 6

Wait till house price drops even more. You should be able to buy one next year for half the price. Just rent month to month till then.

Answer 7

buying without money down is possible, but it will require a little knowledge on your part. i found a great resource with many ways to accomplish this.

http://timboson.blogspot.com/