- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (4)
- minotau
- Contributions:71
It's as easy as 1-2-3:
1. Have no money saved.
2. Get someone to give you a mortgage and then buy a home.
3. Wait 12 to 36 months.
1. Have no money saved.
2. Get someone to give you a mortgage and then buy a home.
3. Wait 12 to 36 months.
- Thomas Hall, "Tennessee Loans"
- Contributions:381
Vernon,
Do you have a specific property in mind? Depending on the foreclosure and whether or not there are repairs needed your choice of loan programs may be affected.
Here in Tennessee there are several options that are available to get into a home with little or no downpayment needed and if you have the seller pay closing costs you may even be able to get your Earnest Money deposit back.
THDA(Tennessee Housing and Development Agency) has three different downpayment assistance program. In the Great Start program they will provide 4% for downpayment assistance. Generally the program is for first time homebuyers but Lauderdale County is a targeted county and so the program is open to all homebuyers who meet the household income qualifications. The max purchase price can't exceed $200,160.
Much of Tennessee is considered rural and so properties outside of our large metro areas (i.e. Memphis, Clarksville, Nashville Metro, Chattanooga, and Knoxville) are eligible for 100% financing through the Guaranteed Loan Program offered by RHS (rural housing service).
Finallybuying mentioned the $100 HUD program. I'm surprised he has had challenges with the program. I've worked a number of buyers in that program it it hasn't been a challenge. The nice thing about that program is that the appraisal is already done and you can close fairly quickly. You won't find as many of these in more rural areas. There is currently only one home in Lauderdale County but there are several in Tipton County so it just depends on where you want to live. Their website in www.hudhomestore.com
Do you have a specific property in mind? Depending on the foreclosure and whether or not there are repairs needed your choice of loan programs may be affected.
Here in Tennessee there are several options that are available to get into a home with little or no downpayment needed and if you have the seller pay closing costs you may even be able to get your Earnest Money deposit back.
THDA(Tennessee Housing and Development Agency) has three different downpayment assistance program. In the Great Start program they will provide 4% for downpayment assistance. Generally the program is for first time homebuyers but Lauderdale County is a targeted county and so the program is open to all homebuyers who meet the household income qualifications. The max purchase price can't exceed $200,160.
Much of Tennessee is considered rural and so properties outside of our large metro areas (i.e. Memphis, Clarksville, Nashville Metro, Chattanooga, and Knoxville) are eligible for 100% financing through the Guaranteed Loan Program offered by RHS (rural housing service).
Finallybuying mentioned the $100 HUD program. I'm surprised he has had challenges with the program. I've worked a number of buyers in that program it it hasn't been a challenge. The nice thing about that program is that the appraisal is already done and you can close fairly quickly. You won't find as many of these in more rural areas. There is currently only one home in Lauderdale County but there are several in Tipton County so it just depends on where you want to live. Their website in www.hudhomestore.com
- Ronald Escobar, "Ron Escobar"
- Contributions:305
through the door... LOL
On a serious note, some cities and non profit organizations have first time buyer plans. you should check with a mortgage banker or broker who specializes in these types of loans... but some money would be necessary... maybe a gift from a family member...
best of luck!
On a serious note, some cities and non profit organizations have first time buyer plans. you should check with a mortgage banker or broker who specializes in these types of loans... but some money would be necessary... maybe a gift from a family member...
best of luck!
- FinallyBuying
- Contributions:47
Hud has a prgram they are running for only $100 down. My first as well as current agent both highly recomended to not place any more down as it would confuse them...keep in mind that most HUD homes need some TLC and there is a lot of red tape with the contract and such. For example it could take quite some time to close and they will threaten cancelling your contract if you write in black pen instead of blue. It is really ridiculous! We had our contract cancelled three times and had to rebid...finally gave up on it! You will need to be at least prequalified before bidding and have letter stating so. You need an agent to bid..So, get prequalified, find a broker, find a home...hudhomestore.com
This is our first time buying and it has been trial and error...we have learned so much now that we have an excellent broker and lender. Good luck!
This is our first time buying and it has been trial and error...we have learned so much now that we have an excellent broker and lender. Good luck!
how can i get in a forclosed home without having any money saved?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.