I want to buy but don't have a down payment.

Did you know there is a great program out there that helps you buy a house with zero down payment, zero closing costs and zero fees?  Not only that, it offers a mortgage at a fixed below market rate for 30 years.  Best of all, its not credit score driven, meaning you don't need perfect credit.  Lastly the program is HUD approved and has been around since 1988.

Of course, there is a catch (isn't there always?)  The catch is you must live in the house as your primary residence AND you can't currently own a house or be on the title of another property with anyone else.  

Why haven't you heard about it?  I don't know.  They operate in a number of states across the US but not every state and not every city.

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Heather Peck
Realty 360
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  • September 21 2012 - Las Vegas
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Answers (7)

Profile picture for wetdawgs
Out of curiosity, what do you think about the correlation between low or no down payments and foreclosures and short sales?

  • September 21 2012
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...and I want a Ferrari 458 Spider but can't afford it..........
  • September 21 2012
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There's two things here. One is that - if you're not putting money into the deal, then how are you a "buyer?" Another is that the people who really got hurt in the crash were those who put money into the deal during the peak.

Think about it - people who borrowed closing costs and went SS or foreclosure only hurt their credit; often, they lived for many months payment free. People who put 20% down lost their down payment.

With interest rates at these historic lows, I strongly suggest that buyers consider going minimum down - but only if they have at least six months of living expenses on hand. More if you're buying a lower-priced house. If the furnace or your car's transmission goes, you'll need a couple of thousand bucks. If you're buying a $400,000 house, you probably can weather that storm.
  • September 21 2012
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Profile picture for gabyjaime

do you have the name of the program or a website i could go to to get some more info about it?

  • September 22 2012
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Profile picture for sunnyview
You might try the HUD website to check out their $100 down program. There is a state by state list of participating areas hereUSDA has a 0 down option the property qualifies and VA is zero down if you are a veteran. 

HUD also has homebuying programs listed state by state with contacts for more information. Hope the links help.
  • September 22 2012
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The only program I know besides the VA loan that is 100% financing is the RD loan which is only in certain area's within your state (if available). I would advise  to save up enough money for a down payment.  I agree with others that when you have your own money involved the lesser chance of default.
  • September 23 2012
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USDA offers no down payment loans and in some assistance inclosing costs.  The home has to qualify.

Some cities offer assistance with down payment and closing costs as an incentive to occupy homes within the city limits.  Check with your local economic development authority.
  • September 23 2012
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