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- Joseph Cordova, "Joseph S. Cordova"
- Contributions:42
There are two mortgage products that still offer 0% down payment options, VA & USDA. The VA loan requires you to have a certificate of eligibility to provide proof that you served or currently served in the military, reserves, or national guard. USDA loans reqire that you find a home that is located in a rural areas. But USDA has income limitations.
PA & NJ both offer 1st time hoembuyer grants that can help you achieve no money down when combined with an FHA loan. The grant would go towards paying the 3.5% required down payment, and the seller can pay up to 6% towards your closing costs. PA is PHFA and NJ is NJHMFA.
You can refer to the blog on my profile to learn more. Good luck!
PA & NJ both offer 1st time hoembuyer grants that can help you achieve no money down when combined with an FHA loan. The grant would go towards paying the 3.5% required down payment, and the seller can pay up to 6% towards your closing costs. PA is PHFA and NJ is NJHMFA.
You can refer to the blog on my profile to learn more. Good luck!
- Shannon Rose
- Contributions:66
It is possible. Many cities, counties offer down payment assistance programs. They will loan money depending on certain income factors, and requirements to use for a downpayment on your home. If you are a school teacher, or in the military, your city and county may offer several different programs as well. I would check with a lender, or your realtor to see what options are available to you.
- Seth Captain, "CaptainSeth"
- Contributions:142
If you are in Illinois, and have not bought a home before, and meet some income requirements, you may qualify for an IHDA (Illinois Housing Development Authority) loan.
They will provide you with 3% down payment assistance (they ask you to have $1000 of your own money). An FHA loan requires 3.5% down so it won't be nothing but it will be relatively cheap.
And Fannie Mae HomePath loans only require 3% down.
We use it in Chicago. It's one example of a program that might be available in other states.
Just make sure you can afford the mortgage without living off ramen noodles. And I love ramen. But you don't want eat those things every night.
They will provide you with 3% down payment assistance (they ask you to have $1000 of your own money). An FHA loan requires 3.5% down so it won't be nothing but it will be relatively cheap.
And Fannie Mae HomePath loans only require 3% down.
We use it in Chicago. It's one example of a program that might be available in other states.
Just make sure you can afford the mortgage without living off ramen noodles. And I love ramen. But you don't want eat those things every night.
- Wes Black
- Contributions:509
It is possible. There are state programs which give you down payment assistance.
- Mark Wilkins, "TheMortgageMark"
- Contributions:349
VA loans or a USDA home if the house is in a rural area.
- Bruce Lang, "brucelang"
- Contributions:202
yes, you can. if you qualify for FHA in some areas you can get a grant....upper darby has some programs, the urban affairs coalition in philadelphia has some too.
- jwingle4976
- Contributions:1
Look... the easiest way to get 100% financing is Seller holds the mortgage. Works great just find a seller willing to do that. I have found several for a couple of my clients.
- Margaret Royds, "margaretsellshomes"
- Contributions:12
There are areas of Chester and Berks County that qualify for the USDA Rural housing. I would suggest contacting a realtor in one of these areas and going to the USDA website to see if you would be eligible.
- Sergio Hernandez, "Sergio Hernandez"
- Contributions:619
Highly unlikely!
I think you have 2011 confused with 2005.
The rules have changed!
- Lacey Lewis, "familyfitted"
- Contributions:27
Yes!!! You can purchase a home with no money down. There is a program called NACA. This program will not only allow you to purchase with no money down but your interest rate will be 1% below the lowest rate for a 30 year fixed mortgage you can find AND there are NO closing cost. The website is www.naca.com. I don't work for the company but I do know a few people who used the program. But remember this is a program and you will have to go through a workshop and work with a representative for naca but I think it's worth it. For all the agents and brokers who are not aware of this program maybe you should visit the website as well. I hope this helps.
Best wishes..
Best wishes..
- Pasadenan
- Contributions:21466
Amazing the agents that pull up old thread, don't bother to read the answers, and then give "wrong" answers, contradicting the "right" answers already posted in a timely manner!
Now, if you hire such an agent, will they be just as slow answering questions about your purchase or sale? And will they give equally "wrong" answers?
Is that why the association is called "NAR"? (Not About to Read)
Now, if you hire such an agent, will they be just as slow answering questions about your purchase or sale? And will they give equally "wrong" answers?
Is that why the association is called "NAR"? (Not About to Read)
- MICHAEL ESPOSITO, "MIKE ESPOS JR"
- Contributions:27
Typically....no. The best (only that I know of) way to complete a sale needing no down payment is if a family member is to sell you a house at a very reasonable price you can do what is calle a "gift-of-equity"
Good luck!
Closest option is FHS 3.5% down
Good luck!
Closest option is FHS 3.5% down
- Bruce Lang, "brucelang"
- Contributions:202
anything under 417k in a FHA approved property requires 3-5% down
- Shannon Thomas, "sthomasrealestate"
- Contributions:218
USDA is the only program with 0 down besides VA. Around Indianapolis there are areas that you can to a USDA loan for instance Morgan county. You can look up on a USDA map to see if the address you are seeking would qualify. Also make sure you have a good USDA lender some are very inexperienced or just plain don't do them. Good luck.
- Pamela Anderson, "Pamela Anderson"
- Contributions:91
I suggest you contact a lender who will then discuss the various finance options with you. VA loans allow you to buy with 0% down. Rural Development loans allow you to buy with 0% down, but the population of the area has to meet RD requirements. Some states also have grant funds available to assist in the down payment.
- Carol Jacobson, "carolj959"
- Contributions:16
First thing I would do is contact a lender they usually know of what programs are out there to help a buyer with little or no down payment with the good credit. I work in the Arizona market and I know of a banker who has all the state programs that help with the down payment and closing costs. They give up to 20% of the homes costs and some don't even have to be repaid until the home sells or at all in some cases. It is and incredible opportunity for those who qualify and are willing to do a little work. Most require a few classes so you are ready to take on homeowner ship and not get in trouble. They are not for investors though.
- Brandon Hoffman, "Brandon Hoffman"
- Contributions:183
You'll have several options including VA and USDA Rural Housing loans. Some states offer special programs through local housing authorities with grants to cover a down payment. For example, in my state (SC) anyone who hasn't owned a home in the last 3 years could potential get as much as $17,500 in forgivable grants so they don't have to come out of pocket. There are also non-forgivable grants. Interview a few local Realtors and ask them that question. When you get one that can tell you about your options hire them.
- Connie Wildasinn, "Connie Wildasin"
- Contributions:1178
there are some programs, you must qualify... teacher programs, police programs, some city redevelopment with sceilent seconds... but in general if you have saved no money to buy you may not be ready to buy... there is down payment and you still have to 'Buy' the money... nothing if free ...
- Paul R Garnett PC, "Paul R Garnett PC"
- Contributions:82
USDA, ( rural housing) offers 100% financing. I am from the Kansas City area, there are many areas within 15 to 20 minutes from the city that qualify for this loan. Great loan, my clients have utilized this program and have been very happy.
- Ryan Quinn, "Ryan.Quinn"
- Contributions:5
Nik,
There are a few mortgage programs out there in the world that can get you close to a 0% down scenario for buying your new home.
I am a REALTOR in Center City Philadelphia and have seen a few of these types of loans. You would need to qualify for the programs so I would suggest you contact a mortgage lender and ask if you qualify.
You can call either:
Mike DiGilio - Superior Mortgage 609-923-3639
Ryan Strickler - Wells Fargo 267-884-6905
Also, ask the REALTOR you're working with about getting the seller to help pay for some or all of your closing costs. It's called a seller assist clause that would be part of your agreement of sale to purchase property.
If you're not working with anyone feel free to reach out to me for further advice.
I hope all this helps.
Ryan
There are a few mortgage programs out there in the world that can get you close to a 0% down scenario for buying your new home.
I am a REALTOR in Center City Philadelphia and have seen a few of these types of loans. You would need to qualify for the programs so I would suggest you contact a mortgage lender and ask if you qualify.
You can call either:
Mike DiGilio - Superior Mortgage 609-923-3639
Ryan Strickler - Wells Fargo 267-884-6905
Also, ask the REALTOR you're working with about getting the seller to help pay for some or all of your closing costs. It's called a seller assist clause that would be part of your agreement of sale to purchase property.
If you're not working with anyone feel free to reach out to me for further advice.
I hope all this helps.
Ryan
- Murray Rubin, "Murray Rubin"
- Contributions:135
You can. Depending how you structure the financing. Just curious why do you want to purchase in that manner?
- Toby & John T. Williams, "tjplace"
- Contributions:271
Answer: Maybe. There are some no down payment programs available,
BUT,
programs such as VA loans don't require a down payment and allow you to finance some of your closing costs too. The BUT pertains to what you can get a homeowner to accept. In my area, it is normal for a VA buyer to contract to put nothing down on the closing of the house, but the seller still usually wants an earnest money deposit of at least a couple of thousand dollars. That money can be refunded at the closing, but insures that the buyer has something invested to get to the closing. The seller wants assurance that the buyer will proceed and not risk taking his home off the market for no money. Good Luck.
BUT,
programs such as VA loans don't require a down payment and allow you to finance some of your closing costs too. The BUT pertains to what you can get a homeowner to accept. In my area, it is normal for a VA buyer to contract to put nothing down on the closing of the house, but the seller still usually wants an earnest money deposit of at least a couple of thousand dollars. That money can be refunded at the closing, but insures that the buyer has something invested to get to the closing. The seller wants assurance that the buyer will proceed and not risk taking his home off the market for no money. Good Luck.
- Jonathan Rue, "JonRue"
- Contributions:39
Yes there are many available options including a USDA program, which many people do not realize they can utilize.
- Luz Elena Garcia, "luzelenamontano"
- Contributions:4
There are different programs to assist for your initial deposit (downpayment) . VA loans are 0 down, USDA loans are 0 down and there is State bond Money assistant for downpayment in a home up to $180,000.00.
Call me and I will give you more detail on these programs and assist you on any concern you might have in the buying process.
Luz E. Garcia
- jadedea
- Contributions:120
why is buying a home with zero downpayment bad? im using the zero down payment option and i can still afford the houses i am looking at.
- Mac Burke, "Mac Burke"
- Contributions:4
There are plenty of down payment assistance programs out there. USDA, VA, and also Bond (where funds are available).
- David Monsour, "D. Monsour Realtor"
- Contributions:30
As stated below Pfha could be a good option. I always forget about this loan but it's a good product if you qualify. They buy their rate locks in bunches. The last bunch they bought was before rates started creeping up so the rates are really good right now.
- Tony Wilson, "317RealEstate"
- Contributions:31
In the Indianapolis area, you can purchase a home with down payment assistance up to $7500 for first time home buyers and get a 3.99% interest rate too. It is based on the median household income for the specific area that you are interested in. The inspection has very strict guidelines, but it is geared to give the home buyer a maintenance free home for a reasonable amount of time. It is a great option for new homes!
You also have the $100 down payment program available on HUD homes. Not all HUD homes are in bad condition. If you are wanting move-in-ready, you will likely have a slimmer chance of finding that perfect home, but they are out there. Sometimes minor cosmetic repairs are worth the time, if you are looking for a great deal.
Here is a link to a recent newsletter that we had on your financing options:
[links removed by moderator]
You also have the $100 down payment program available on HUD homes. Not all HUD homes are in bad condition. If you are wanting move-in-ready, you will likely have a slimmer chance of finding that perfect home, but they are out there. Sometimes minor cosmetic repairs are worth the time, if you are looking for a great deal.
Here is a link to a recent newsletter that we had on your financing options:
[links removed by moderator]
- Joe White, "MoveSmarter"
- Contributions:263
Actually, the Pennsylvania Housing Financing Administration (PHFA) does offer low interest, almost zero down loans to qualified buyers.
My client just completed a PHFA loan in Old City this week. It was time consuming and a lot more paperwork - but my buyer was thrilled.
[contact info removed by moderator]
Given the complexities, I can give you an overview of the process and point you to lenders.
My client just completed a PHFA loan in Old City this week. It was time consuming and a lot more paperwork - but my buyer was thrilled.
[contact info removed by moderator]
Given the complexities, I can give you an overview of the process and point you to lenders.
- David Monsour, "D. Monsour Realtor"
- Contributions:30
Assuming you want to buy in the city, then your only option is if you're a veteran. USDA is not eligible in the city.
can I buy a home without downpayment?
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