Profile picture for coppellmom75019

Is it possible to buy a home with zero down payment in Texas?

Credit is mid 600 with 2 of the Credit Burea's and 580 with another. At least that is what one place told us.
We have been renting a home for 13 years at $1250 and owners want to sell, they're retiring. Yes, they'll sell to us with a 20% deposit & double the current rental rate. We are in Coppell, Tx.
  • January 02 2014 - Coppell
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Answers (8)

I'm not sure whether you are still looking for a property or where you are at right now in terms of financial, but if you are looking to purchase a home with zero down I would suggest that you talk to a lender or two. A loan program such as USDA loan allows 0 down payment but only certain cities are eligible for this loan. Again, the lender should help you with your questions.

Let me know if you need me to connect you with a lender or two.

Best of luck!

  • November 20 2014
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You did not mention if you are a veteran or not, but VA loans offer no money down loans. You should do a google search for "Down payment assistance programs in the Dallas/Fort Worth area". Occasionally, various municipalities offer no money down programs.
  • January 03 2014
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It will be very difficult to buy a home without a down payment. Unless you are a veteran or seeking a USDA approved property then you will have to pay some sort of down payment. If you do happen to be a veteran or seeking a USDA approved property, then you should consider a VA or USDA loan which does not require a down payment. Otherwise, the closest thing you can get to zero down payment is with an FHA loan. This type of mortgage only requires 3.5% down along with closing costs, which is a relatively low amount. Also, there are some community grant programs that can cover 3% out of the 3.5% down payment. Either way, the best thing for you to do is to speak with a lender directly to see if you can get started on financing with your situation. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. There would only be a few more details needed to sort out your situation. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • January 03 2014
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Before you settle for the home you are renting now, with 20% down and $2,500.00 payments, I recommend you sit down with a local bank or mortgage broker (I have someone I can recommend) that looks at your situation, and works with low 600 fico's. Even if you could afford the payment at $2,500.00 it sounds DEEP. What is the purchase price? Will there be an appraisal ordered from a randomly selected appraiser system (to avoid any price manipulation)? What is the interest rate that they are establishing for this loan? 
If you like the home that are currently renting, and out of options for a conventional financing then make sure that you use a title company, perhaps an attorney, make sure that you pay market value price and with payments being that HIGH, your amortization better be less that 30 years.
Good luck with your purchase, and hope that you sit down with a lender that can explain more in details you financial status, and if this current owner finance is good, you would be able to recognize that by comparing with what a regular mortgage would be.
  • January 03 2014
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I think it will be tough with those credit scores.  If you need help finding a new rental in Coppell let me know.  It has been tough going this year on rentals, but I notice lately there are a few that have been on the market about 30 days.
  • January 02 2014
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Profile picture for USMortgageRanger
Yes you can buy a TX home with Zero down if you use the USDA, VA or First TX home grant programs that provides down payment assistance. I would recommend that you get to working on bringing up your scores to 640 for better pricing. 
  • January 02 2014
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Probably not. Contact any lender of your choice for real hard answers.
  • January 02 2014
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Profile picture for wetdawgs
Yes, it is possible.  The options would be:

1.  If you are qualified for a VA loan, you can purchase with 0% down.

2.  If you wish to buy a qualifying home in a rural area qualified for a USDA loan and qualify for the program, then you may find a 0% down loan.

3.  If you can find a down payment assistance program in your local area and qualify, you may be able to get some of your down payment covered either as a grant or a loan.

Whether or not any of these would allow you to buy the home you've been renting for 13 years isn't known.



  • January 02 2014
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