i have a credit score of 715 - i make 65,000.00 a yr - i have to live in phila., pa, because of my job (i cannot live in surrounding areas unfornately). i would like to know can i buy a home with no money down and if so how would i go about this. i am interested in getting a home in the price range of 125,000.00 to 175,000.00
2007-06-19 15:09:27 · 8 answers · asked by lynnette 3 in Business & Finance ➔ Renting & Real Estate
It is possible to get a 100% loan on a house. But keep these things in mind: You likely will have to pay a higher interest rate, buy private mortgage insurance (borrowers usually pay 20% of a home's value to avoid this) and make bigger monthly mortgage payments. No money down" loans are risky because you are starting off with no equity in the property. So if the value of the property goes down, you find yourself "upside down" -- that is, owing more than the property is worth. In a cooling real estate market, the risks are high. Also, keep in mind that you will need money for closing costs, an inspection, etc.
2007-06-19 15:23:29 · answer #1 · answered by klynnr_1981 4 · 2⤊ 0⤋
Under better financial times you could probably get a place with no money down, but in a declining market it will be really hard. You are going to have two big things against you. First a declining market. The market is still on its way down so a house that might be $175,000 may only be worth $150,000 in a year. With no money down it would be cheaper for you to walk away from the loan and stick the bank with all of it. They really don't like that when it happens. The more money you have in the house, the more the personal interest you have.
The second thing is the price range you are looking in. I don't know what you can get in Philly, but I doubt it is very much for that price range.pp
2007-06-19 22:18:51 · answer #2 · answered by ttpawpaw 7 · 1⤊ 1⤋
You should have no problem whatsoever. I recommend First National Banc Corp. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a First National loan officer will contact you within 24 hours. Good luck.
2007-06-19 23:33:02 · answer #3 · answered by stephen l 2 · 1⤊ 0⤋
Yep. My husband and I did. We live in SC, though. But you probably can too. Go to your bank and tell them you want to buy a house. Ask about a first-time buyers program. We used it and we got 103% of the loan value on our house. The 3% was to cover the closing costs. We didn't have to pay anything down.
2007-06-19 22:16:19 · answer #4 · answered by lollybug 2 · 1⤊ 0⤋
Yes you can get 100% financing. YOu will have to put a Good Faith deposit when you write the Purchase Contract which will be credited towards you closing costs.
2007-06-20 01:26:19 · answer #5 · answered by Maggie E 2 · 1⤊ 0⤋
Yes your lender should have a variety of products, which will allow 3-6% carrybacks and 100% loan inc. down payments, there are also 1st time buyer programs, with perks. www.rivercountryproperties.net
2007-06-19 22:13:34 · answer #6 · answered by angel 2 · 1⤊ 0⤋
Hello there. Your credit score is pretty good and they will approve you for that no time. Talk to your banker and ask all your questions and they will help you.
Good luck again
2007-06-19 22:13:33 · answer #7 · answered by Anonymous · 1⤊ 0⤋
You should have no problem with that.
Good luck.
2007-06-19 23:09:58 · answer #8 · answered by Tom J 3 · 2⤊ 0⤋