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we are trying to buy with an fha loan.can we do it without the down payment.go with no money down?

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June 08 - Knoxville

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Jim Lee, "volunteerjim"
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Jim Lee, "volunteerjim"

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Short answer; Yes, you can buy with an FHA insured loan in some cases with no money down.

You can also get a 100% loan from the VA if you or a spouse has any qualifying military service.

The US Department of Agriculture does 100% loans in certain areas.

So far this year I've also been able to negotiate most of my buyer client's closings costs into the sales price as well.

It's absolutely a buyer's market in Knoxville, Tennessee right now so don't let anyone try to convince you otherwise.

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July 02

Marilyn Bell, "MarilynBellSells"
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Marilyn Bell, "MarilynBellSells"

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The $8,000 tax credit can be used as ADDITIONAL down payment, meaning you still have to come up with your 3.5%. There still seems to be a lot of misunderstanding for this. Even with a loan from THDA, you need 3.5% down out of pocket.

If you buy a HUD home, you can get a $100 down FHA loan. I'm not a mortgage expert, so I would clarify all questions with a good mortgage broker. Unfortunately, I don't work with any mortgage brokers in the Knoxville area.

You can find HUD homes at pyramidrealestate.com, but you'll need to get a buyer's agent to place your bid for you. Good luck!

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July 02

Christine McInerney, "ChristineMcInerney"
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Christine McInerney, "ChristineMcInerney"

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THDA (TN Housing Development Authority) has an option in which you can take out a "2nd mortgage" to fund the downpayment and then later pay it back with the $8000 tax credit.

Keep in mind that the definition of 1st time home in terms of the tax credit is someone who has not owned or purchased a home in 3 years.

To read more visit an article I recently wrote: http://knoxvillehomeexpert.com/channels/activerain/topics/thda_home_buyer

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June 09

Amy Wood, "amysloans"
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Amy Wood, "amysloans"

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MIchael is correct in that you can use the $8,000 tax credit ONLY IF YOU ARE A FIRST TIME HOME BUYER! And you can only use that through non-profit organizations such as THDA. Other than that you must have the 3.5% down payment. One thing to keep in mind that this down payment can be a gift from a family memeber!

Hope this helps! GOOD LUCK

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June 08

Michael Emery, "MikeEmery"
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Michael Emery, "MikeEmery"

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You CAN use a portion of the 8k tax credit towards closing costs with an FHA loan, but FHA still requires a 3.5 percent downpayment, which is designed to prevent the 'free' house debacles of the past.

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June 08

Mike Jackson, "jacksonm4"
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Mike Jackson, "jacksonm4"

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USDA loans are still doing 100% financing if you qualify. I have not heard of FHA going to 100% financing..

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June 08

Jacquie Cliff, "Jacquie Cliff"
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Jacquie Cliff, "Jacquie Cliff"

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Hi there :) There has been talk that the government is going to allow first time home buyers the opportunity to use the $8000 tax credit towards their down payment and/or allowable closing costs. You may want to talk with your loan officer concerning the subject. Also, depending on where you are buying, you might ask your LO about the USDA rural loan. This is a 100% loan that is government backed and aimed at specific rural areas. Unfortunately, it is address specific, but if you are looking in a rural setting....it could be perfect for you. The rates are VERY in line with the FHA program and there is actually NO monthly mortgage insurance. Hope this helps. :)

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June 08

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