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first time buyer

Is it possible to buy with no money down?
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November 27 2010 - Rocklin
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Profile picture for sunnyview
The only loans that are zero down that I hear about are the USDA and VA loans. There are also some very low down payment homepath HUD homes. Otherwise, your next lowest would be FHA which is I believe 3.5% or more down.

Buying with no money down in an unstable market is dangerous. It means that if the market stays flat or even drifts down a bit more, you are underwater the day you close escrow. It is also a smart idea to have a little money in savings for household repairs before you buy.
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July 08 2011
There are some government programs that can get you very close to no money down.  Teachers, Police and I am sure there are others that have special programs.  There is VA, FHA as well.  You do have to have some money as reserves and for some closing cost.  I have not heard of a current program that let's you buy a home when you have absolutely no money....Not recently anyway :).  I am sure if you google "no money down" or "Government loans"...that you will find some program that will work.  Happy Hunting
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July 08 2011
You can purchase a home with as little as $100 down in the Rocklin and surrounding areas.
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July 08 2011
The best thing to do is to contact a mortgage lender, and get qualified for a 100% financing. They can give you other options available if you do not qualify for 100% financing, like government programs, etc...

Good luck!
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November 28 2010
A couple of ideas to add to what others have said.  What about a co-borrower OR a "gift of funds?'  You could easily do a co-borrower on an FHA loan if you are in need of money to qualify ... or you could have a relative do a gift of funds to you for the downpayment.  Another issue of course will be to let your realtor know that you'll need the seller to pay for closing costs.  Usually in a purchase type situation you are expected to have downpayment money + closing costs money. 
Sincerely,
Celia
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November 28 2010
I have buyers that qualify for the 100% programs, but they do have some money saved, but do not want to completely deplete their savings so that they have some money in the event a "furnace" or "roof" needs to be replaced.  I always advise my clients to make sure that they have money in savings for emergencies. 
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November 27 2010
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Possible or wise?

If you can not save for a down payment what will you do when some expensive repair comes along? If you buy the house and the furnace dies or the roof leaks how will you be able to pay for those repairs?

Unlike renting buying a house means if a repair comes up your pocketbook has to finance as as no one else will.
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November 27 2010
It is possible in Maryland.  There are programs for credit worthy buyers who qualify for rural housing loans to get 100% financing.  Sellers are willing to accept these buyers as long as they have been pre-qualified.  We are not seeing negative reactions to buyers who are approved for this or other similar types of financing. 
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November 27 2010

If you are a veteran you can get a loan with 100% financing using VA financing, but one thing to consider with the 100% financing scenario, when you submit your offers and you are competing against those that are coming in with money, you will hit walls.

It is sad, but anyone coming in with money is going to have an advantage.

As long as you have that in mind and are not real picky, you should be able to find a home that you will like.

You may want to consider a newly built home. Many builders are bending over backwards to get people to buy. If you go this route, actually check any house you may consider, make sure you double, triple check the taxes playing in the background (Get it in writing, not by them verbally telling you with the famous 1.25%, I never have come across a home at 1.25%. Above and below, never 1.25%!). Check theMello-Roos, this tax can cause some people to loose a home in a heart beat and catches first time buyers by surprise all the time.
 
Go with a direct lender... Separate the lender from the sales person... Have your agent be there during your first visit and have an agent that will walk the entire transaction with you, not one that checks you in and then walks off leaving you at the mercy of the sales person. Believe me, in most cases, the builder does NOTwant you to have representation. Ask yourself, why?

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November 27 2010
Here in Maine, there are programs with no money down, Rural Development is a great government program that allows this in certain communities along with certain financial guidelines.  I have had a number of buyers who have the downpayment, but prefer to save it as their "nest egg"   I never recommend that my buyers become "mortgage poor"  It is not my goal to put someone into a house with payments that keep them from enjoying life. I work together with my first time buyers to help them understand their financial needs........its almost like being a mom, and thats the part I really like.
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November 27 2010

Yes, it is possible, but not everyone will qualify. The real question is, can I buy a home with no money down. For most California's, especially someone with enough income to buy in Rocklin, will not be able to qualify for the kind of assistance that will = a true 0 down purchase (unless of course you have VA eligibility).

But you can also buy with very little down if you don't qualify for any of the programs that will get you to $0 down. There is a grant program in California that will allow you to buy with less than 1% down, which is pretty close to no money down, right now. Many of our clients, even buying in the Roseville/Rocklin area qualify under the income limits.

Greg

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November 27 2010
It is possible but is it best to buy with no money down? Can you really afford a home if you don't have any savings?
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November 27 2010
Yes.  All you need is to work with a lender who can help pre-qualify you for a $0 down loan.  The State just came up with a down payment assistance program.

Good luck!
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November 27 2010
 
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