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Can you purchase a home with no down payment or if looking at bank owned property would bank or

Other lender be willing to work with you .
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March 07 - Marlborough
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It will be very difficult to get a home loan without a down payment unless you are a veteran or seeking a USDA/rural approved property. If this applies to you then I suggest looking into a VA or USDA loan. Other than that, you will need a down payment. The smallest down payment would be an FHA loan which only requires 3.5%. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
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March 07
Profile picture for wawa84

Not only are there no downpayment loans as people have already said (I'm doing USDA), but there are other programs that also help with downpayment assistance.  I am also utilizing CHIP (Community Housing Improvemeny Program).  They offer up to $5,000 in down payment assistance and can also help with repairs. 

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March 07
Profile picture for sunnyview
No. Most houses cannot be bought zero down at this point unless you are using a VA loan or the property is USDA eligible. Even if you qualify for MA special grant programs, you may still have to have a partial down payment. 

Lending standards have changed and so you may need to save for a down before you look to buy. Check with a lender familiar with your state programs.
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March 07
Profile picture for wetdawgs
There are several options:

1.  Find and qualify for a down payment assistance program.  They tend to be local with a number of qualifications.

2.  Qualify for a VA loan.

3.  find a property in an area where USDA loans are possible, and meet the qualifications.

4.  Do it the traditional way - save up a down payment, closing costs, get your credit scores in line, have documented income and have a lower Debt to income ratio.


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March 07
Only 0 down programs available are VA and USDA loans. With that said, some towns have down payments grants available for qualifying applicants. Call the town halls where you're interested in looking and see if they have anything available. Good luck
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March 07
answer is YES, this can be done... get a pre approval for whatever 0 down program your able to qualify for and THEN start your search. You may very well get beat out on a lot of properties by better buyers, but that does not mean you should not try! You will hit on one eventually! GO GO GO!
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March 07
 
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