Can I get a loan for a down payment

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October 04 2011 - Portland
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Profile picture for sunnyview
There is information on the Oregon Bond loan here with a factsheet here, but the program does not say that your downpayment is a grant, but it looks like they have a program for downpayment assistance in Portland if you qualify. 
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October 05 2011
Actually, you can get a gift for the down payment under FHA guidelines, but only from a blood relative. And in Oregon there is a Bond loan that will grant your down payment. No payback necessary unless you resell for profit in 9 years. There are some other geographic specific grants for100% financing, where you are required to buy in that zone and also limited to a certain income.
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October 05 2011
Profile picture for sunnyview
In most cases no. There are VA loans that are zero down, USDA qualifying loans that are zero down and community grants for target groups like police, fireman or specific low income. Most people have to have at least 3.5% down for a FHA loan at a minimum to buy.
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October 05 2011
In the recent past this was an easy approach; however, in the past couple of years there have been numerous changes.  In many cases lenders will no longer allow you to borrow funds for a down payment on most loans.  There are some loans that require a 0% down payment such as VA that you may qualify for.  Speak to a Licensed Mortgage Originator in your State to find out which programs you may qualify for.  A quality LMO should be able to let you know the likelihood of someone in your circumstances qualifying before running your credit. 
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October 05 2011
 
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