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Hey, I have no money to put down on a house. Can I still get an FHA loan?

I have good credit.( in the 600s ) and I make enough to pay a mortgage. Just don't have money for a down payment.
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July 31 2012 - Montrose
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Answers (7)

With a 680 credit score in PA I can do FHA $0 down payment for anything $200,000 and under, but $1,000 must be invested towards closing costs.

On paper, 3.5% is required and this requirement IS STILL MET.

With a 680 FICO (or near, I will get you to a 680 if you're close enough), there is an assistance program to cover the down payment, seller assist is still 6% towards closing costs, and you need $1,000 invested.

A 680 is all you need. Do not need to be a first-time buyer, no income limits.


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July 04
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May 06

You could look at doing USDA and put no money down but the property but it will have to be in an area that USDA will allow lending in. You can contact me with an address of a property of interest and I can see if it is in an area that USDA allows.  You wil need a 640 credit score. 

On an FHA you will need to put 3.5% down plus closing costs and with us you would need a 640 credit score.

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November 28 2012
Profile picture for Dunes ..
You may be interested in giving these a look over

Federal Gov Web Site
Find the Right Loan, you can search for specific information, compare options, or take a short questionnaire to determine your eligibility for each program. GovLoan.com

More from the Gov.
Local Homebuying Programs

More?
There is ton of info/resources here about homebuying
Excellent Site...Hud.gov

Good Luck
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July 31 2012
With an FHA loan, you could put down as little as 3%. Plus, FHA loans are easier to qualify for.
Not all town homes and condos qualify, and there is a maximum loan amount you can get.
Also, many local town or county Down Payment Assistance programs exist for first time home buyers, usually defined as someone who hasn't owned a home in the past 3 years. Many of these programs have a limited pool of funds that may run out over the course of the fiscal or calendar year, and almost all of them require buyers to bring some of their funds to the table in order to qualify for the funds, thought this is minimal. They usually require that you take some basic, free financial classes that they offer in order to qualify. Some have a matching program, as well as additional grants, including one if you find a home that needs some repair work.
To find these programs just do a goo gle search and find your city and county websites. Look for Housing and Home buyer Assistance links (make sure the link ends in .gov).
In addition, you can talk to your local real estate agent or broker - they probably are familiar with the local programs.
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July 31 2012
USDA loans require no down payment but have more restrictions.
Save save save and then buy.
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July 31 2012
Profile picture for wetdawgs
An FHA loan required 3.5% down payment, plus closing costs.

Sometimes there are local programs with down payment assistance, but these are pretty rare. 

In addition to saving up the down payment and closing costs, save 3 to 4% of the price of the house for the start of your emergency maintenance fund.

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July 31 2012
 
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Hey, I have no money to put down on a house. Can I still get an FHA loan?
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