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How good of a chance does my fiancee & i have of a loan if we have no down payment (our 1st home)

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February 04 - Oklahoma City
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USDA Loans are a good way to go, but there are also first time home buyer programs available. If you ask your lender about doing down payment assistance through OHFA (Oklahoma housing finace agency). The interest rates are a little bit higher and you do have to stay in the home for so many years or you have to pay back the down payment. 
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February 11
You should start by finding a good lender and explaining your situation. They can explain your options and the qualifying factors for a USDA or VA loan. Some of your down payment money could be gifted from a relative. You might qualify for some down payment assistance from a neighborhood revitalization program or from a Native American tribe (if you are a member). A portion of your closing costs can sometimes be covered by the seller of the property, or even the lender if you are willing accept a higher interest rate. Begin saving all you can right now and avoid any major credit purchases until you achieve home ownership. Owning your own home is a sound financial decision. Good luck.
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February 04
USDA loan and work with agent familiar with what is needed.  Talk with your lender and real estate agent for best strategy and planning to find homes suitable in your range.
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February 04
Profile picture for sunnyview
Not super good. You may be able to find a program like USDA or VA that offers a zero down, but you will still need some money for closing and inspection costs. There is a program on your state called OHFA that has some good benefits, but I think it may require a 3.5% down payment.

You can buy when you are ready, but I would start saving for a down and expenses today. Perhaps you can earmark your tax refund if you have one coming. Many people save all or part of that to start their down payment nest egg.
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February 04
There is no way to quantify your chances without knowing more information. In general, you will need at least 3.5% down, plus closing costs. Yes, there are $0 down programs such as USDA and VA, but you must qualify for them either by being a Veteran/Active Duty or looking to purchase in a rural area for USDA. There are quite a few additional qualifying factors for USDA loans. Your best bet is to try to get pre approved with a well-reviewed lender licensed in OK.
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February 04

One of your best bets to buy with zero down in the Oklahoma area is likley going to be a USDA loan as most of the state is eligible. There are income limits that will need to be considered but is worth looking into, use the link below to scroll around the areas you are interested to see where it will be available.




http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do


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February 04
Your chances are still good as you can get a USDA loan at 100%, HUD $100 down and is some area there are some state assistance with down payment. You will need to get with to get with a Loan Officer who understand a the state down payment assistance and USDA program.
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February 04
Profile picture for wetdawgs
Not very good unless you are looking for a property in an area eligible for a USDA loan or if one or both of you are eligible for a VA loan.

Home buying may be achievable goal, but for most people there are a number of steps in order to get ready to purchase.  The Zillow buyer's road map may be helpful.

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February 04
 
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