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Want to buy no money down

I'm looking to buy with no money down. My wife and I make a combined 100k+ and currently rent paying 1700. Decent credit and have a foreclosure from 3 years ago. I need to know if anyone can help help me stop paying someone else's mortage.
  • March 30 2014 - Montebello
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Answers (8)

Down Payment Assistance in CA.

I am an approved Lender for a special Grant Program in CA that offers up to a 5% Grant that can be used for your down payment or down plus closing costs. Unlike the other programs i.e. CHDAP, CalHFA, etc., this Grant does not need to be paid back. There are income limits for this program, depending on the county you want to buy in. They range from $85,680 - $126,000.00. Let me know if you have any questions by clicking on my profile and sending me a message. Don't forget to leave a good contact number.

Best of Luck!
  • March 31 2014
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It can be extremely difficult to get a home loan without a down payment unless you are a veteran or seeking a USDA/rural approved property. If this applies to you then I suggest looking into a VA or USDA loan. Other than that, you will need a down payment. The smallest down payment would be an FHA loan which only requires 3.5%. There are also down payment assistance programs that you can look into depending on your area. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • March 31 2014
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VA & USDA Loans can be done with no down payment, Those are the only two current loan options with no money down required. There could be down payment assistance programs to help, but your income may exceed the limits, that needs to be checked. I am not sure what purchase price range you are looking at, but your minimum down payment options are more than likely going to be 3.5% unless you qualify for the assistance. There is so much more to analyzing your entire situation. You really should contact a Mortgage Professional to get a free pre-qualification analysis to see where you are now and what you may need to do in the next few months to get to where you want to be. My contact information is on my profile here if I can answer any additional questions for you. All the best to you!
  • March 30 2014
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There is a down payment assistance program that will give you a grant of 3.00% of the purchase price, so on an FHA loan, you would only have to come up with the 0.50% of the required 3.50% down payment. For example, on a $300,000 purchase price, with the grant, your down payment would be $1,500. Feel free to contact me to see if you qualify for this program.
  • March 30 2014
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Profile picture for wetdawgs
No money down mortgages have disappeared, with the exception of VA and USDA mortgages.  

When you've saved up your down payment, closing costs and a reserve fund, then you'll have considerably more options to achieve your goal of paying only your own mortgage.

Good luck.
  • March 30 2014
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The only program that offers no money down is USDA mortgage.  You will still need money for closing costs of upwards $6,000.00 unless you are able to negotiate those as sellers concessions.  VA loans are the only other program of no money down.  Speak to a reputable loan officer to determine your eligibility.  
  • March 30 2014
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Not going to happen. Save up 3.5% of the purchase price and then apply for FHA financing.
  • March 30 2014
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Go talk to a loan officer at a bank and a mortgage broker at a mortgage company and stop wondering here where no one can answer that question.
  • March 30 2014
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