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down payment

I excellent credit, low down payment, long work history and earn 80K+ annually.  What are my options with respect to obtaining 100% financing?
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February 04 2011 - Staten Island
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Answers (3)

You did not mention if you are single, have dependents or are a first time homebuyer.  There are programs to help first time home buyers, especially those with dependents.  Conditions are attached. Someone also mentioned USDA 100% financing programs.

Remember, if your down payment is low, higher rates or mortgage insurance is probably involved, which pushes cost of ownership up.  If you do not have a down payment, you may not have the proper reserves for unforseeable repairs and house maintenance.

If you simply prefer to borrow 100%, that is a different scenario, and it is certainly not my intention to discourage home ownership.
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February 04 2011
Profile picture for wetdawgs
100% down payment tends to be available only for USDA rural loans or VA loans (with specific military eligibility).    FHA loans with 3.5% down otherwise are your best bet. 

With a decent income, long work history etc -think through carefully why you've not been able to save up a down payment?   It is easier to buy a house than it is to maintain ownership of a house due to all the surprpise costs. 
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February 04 2011
100%?  Don't you have some money saved for a downpayment? You're in Staten Island?  What's the average price of what you're able to purchase?
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February 04 2011
 
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