Profile picture for lcohn08

I am a first time home buyer w/0 or little down payment, but great credit. Can I buy without $ down?

  • January 04 2009 - Minnetonka
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (14)

Best Answer

A loan officer advertised $0 down loans recently to agents in my office.  The loan product is an 80% conventional loan with a 20% loan on top of that.  The 20% loan is at a higher interest rate to compensate for the higher risk factor.  I'll check with the LO and see if this product is still availabe.

The big question should be do you want to purchase a home with $0 down.  There are a lot of programs out there, FHA for one, that require a small down payment (3.5%), many transactions are negotiated to have the seller pay up to 3% of your closing costs.  Your best bet is to sit down and talk with a loan officer who is patient and willing to show you the different options and there cost to you.  I work with a couple of great loan officers, if you need a referral, just give me a call or send me an email.
  • January 04 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for SoCal Engr
Icohn08,

Sure, you can purchase with no down. All you have to do is do a 5-second search on the internet and you can find many people willing to dig that hole for you.
  • January 11 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Wetdawgs gave many good advices ( No bias ).
But if you want to buy the house that buy <= rent, and you can pay for the mortgage+tax+insurance, then follow your willingness
  • January 11 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

oh yes there are still loans out there like that. these loans may have been stigmatized do to the fact these are the type of loan that reaqlly brought the market down in the first place. i understand how you may want a 0 down loan even if you have the funds to put some thing down as this would minimze your risk if the market tanked even worse. you could just walk and it would not be as detramentle.
  • January 11 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for lcohn08

To socl_engr with a giraffe picture (what is that about?); talk about childish..

and anyone else who is offering "opinions"- I asked for facts. If you have nothing constructive to offer do not clog up my email with your unsolicited opinions. I am very well aware that there are maintenance costs, etc. and do not need to justify my questions to address your "opinions".

  • January 11 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for SoCal Engr

Icohn08,

Just my opinion, but you sound a bit like a child who was told they need to eat their veggies before moving to desert.

If you have essentially no money to handle the down payment, you're going to be in a bind when (not if) you need to address those "little things" that come with home ownership (e.g., maintenance, repair, upgrades).


Wetdawgs may have been a bit direct, but...


Best of luck.

  • January 10 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for dfors2
Yikes,

A bit tough on wetdawgs.  Understand that all the lenders telling you what you want to hear get paid by you and you take the risk.  The only 0% loans I am aware of now are with the VA.  FHAs require 3% and you would have to pay PMI.  You really are better off saving for the 20% down payment for a number of reasons.  You save on PMI, get a better rate and if God forbid some unexpected life event occurs you would have a better chance at getting out of the house with some equity.
  • January 10 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You really shouldn't move into home ownership until you have a decent down payment and reserves. A lot can go wrong in life.
  • January 10 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for greg1231
Why encourage buyers with zero down payment? The last thing the taxpayers need are more toxic mortgages. Taxpayers are tired of paying for the mistakes of others. The new motto for the US should be "Bail me out".
  • January 10 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for lcohn08
Sherri, thank you so much for that info!

I am considering buying a lot, preferably wooded, w/some sort of water for wild life (even just a pond), and will go out as far as an hour commute from the city. Any suggestions on how I would find such a property?
  • January 10 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Icohn08, If you are purchasing outside the metro area, you may be eligible for a Rural Housing loan that offers 100% financing.  Also, although the eligibility requirements are a bit strict, if you qualify, there is a State of MN bond that offers up to $14,999 in assistance for down payment and closing costs.  FHA is a great program if you can come up with the 3.5% down payment.  Here are some ideas of how you may be able to "raise" the money: gift from family member or friend, sale of personal property, tax refund, withdrawal of needed funds from a 401K.  Hope this helps!
  • January 10 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for lcohn08

Thank you Patti Hessling for an informative answer offering educated options to someone who is first doing the research.

wetdawgs, no one is interested in your uninformative and unconstructive opinions. unless you have value to add, which you clearly don't, keep it to yourself. you really are a wetdawg.

  • January 06 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
My humble opinion is that while you may be able to find such an opportunity, the 0% down loans are a component of the huge financial mess of the world at the moment so why do you wish to perpetuate the situation?


  • January 04 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for sunnyview
The mortgage forum would be able to tell you for sure. i had thought that the only 0% down left out there were some sort of VA loan, but I am not a broker. You might try reposting your question here where they will see it on Monday and be able to help.
  • January 04 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.