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Can I buy a house if I don't have money for down payment, but I have a very good credit score?

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December 30 2009 - Los Angeles
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Answers (5)

ok,find yourself a good buyers agent who can point you in the proper direction of first time home buyers programs in your area. Contrary to popular belief, there is plenty of ways that a 1st time buyer can buy with no money down and very minimal money out of pocket. However, they don't advertise them on billboards and you have to be in direct contact with the organizations that promote them (the individual banks themselves). They do have strict requirements and regulations but as I said before they are out there if you know where to look. Talk to some other recent buyers in your area and see if they can help you
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December 30 2009

Yes, or at least very close to it.  There is financing up to 99.5% available which means you would need 1/2 (.5%) down payment.  The seller is allowed to pay up to 6% for closing cost and the 1/2 (.5%) can come from a gift so you can actually buy a property with no money out of pocket.

Any further questions feel free to contact me.

Good luck   
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December 30 2009

Hello Liz,

It's almost impossible to get 100% financing at this time.
Your best bet is to try to secure an FHA loan with
3.5% down payment. You can get this from a relative, etc.
If you need more information, feel free to contact me and
I can recommend a number of outstanding loan brokers
to assist you.

All the best for 2010.

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December 30 2009
Currently there are no 100% financing options available for the housing market. Best you can do is go FHA and the min down payment for this program is 3.5%.  Keep in mind you will pay an upfront (one-time) mortgage insurance premium which is typically 1.50%-1.75% of your final loan amount.  Also there will be a monthly mortgage insurance premium as well.  For the upfront MIP the seller may contribute up to 6% for closing costs so you may wrap this in if need be.  Now as far as the 3.5% down payment is required, you may get this as a gift from a blood relative or for that matter numerous ones. It's the holiday season and heck you never know. The market is close to a bottom so no better time than the present to buy a home. Best of luck and please consult a local Loan Officer regarding your more in depth financing options.
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December 30 2009
That depends on a few other factors, but the short answer is Yes. The FHA loan program allows for you to purchase a home if you can document your income, with as little as 3.5% down.  If you qualify, you can then also receive up to $8,000 from the government for purchasing the home.  For more info, feel free to contact me.





Richard Schulman

Keller Williams

310-482-0173  
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December 30 2009
 
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