Zillow Advice: Buying Process - I am a first time home buyer w/0 or little down payment, but great credit. Can I buy without $ down?

A loan officer advertised ...

Sun, 04 Jan 2009 17:47:00 GMT

A loan officer advertised $0 down loans recently to agents in my office. The loan product is an 80% conventional loan with a 20% loan on top of that. The 20% loan is at a higher interest rate to compensate for the higher risk factor. I'll check with the LO and see if this product is still availabe.

The big question should be do you want to purchase a home with $0 down. There are a lot of programs out there, FHA for one, that require a small down payment (3.5%), many transactions are negotiated to have the seller pay up to 3% of your closing costs. Your best bet is to sit down and talk with a loan officer who is patient and willing to show you the different options and there cost to you. I work with a couple of great loan officers, if you need a referral, just give me a call or send me an email.

Icohn08,Sure, you can purchase ...

Mon, 12 Jan 2009 06:10:00 GMT

Icohn08,

Sure, you can purchase with no down. All you have to do is do a 5-second search on the internet and you can find many people willing to dig that hole for you.

Wetdawgs gave many good advices ...

Sun, 11 Jan 2009 17:10:00 GMT

Wetdawgs gave many good advices ( No bias ).
But if you want to buy the house that buy <= rent, and you can pay for the mortgage+tax+insurance, then follow your willingness

oh yes there are still loans ...

Sun, 11 Jan 2009 17:02:00 GMT

oh yes there are still loans out there like that. these loans may have been stigmatized do to the fact these are the type of loan that reaqlly brought the market down in the first place. i understand how you may want a 0 down loan even if you have the funds to put some thing down as this would minimze your risk if the market tanked even worse. you could just walk and it would not be as detramentle.

To socl_engr with a giraffe ...

Sun, 11 Jan 2009 16:53:00 GMT

To socl_engr with a giraffe picture (what is that about?); talk about childish..

and anyone else who is offering "opinions"- I asked for facts. If you have nothing constructive to offer do not clog up my email with your unsolicited opinions. I am very well aware that there are maintenance costs, etc. and do not need to justify my questions to address your "opinions".

Icohn08,Just my opinion, ...

Sun, 11 Jan 2009 07:22:00 GMT

Icohn08,

Just my opinion, but you sound a bit like a child who was told they need to eat their veggies before moving to desert.

If you have essentially no money to handle the down payment, you're going to be in a bind when (not if) you need to address those "little things" that come with home ownership (e.g., maintenance, repair, upgrades).

Wetdawgs may have been a bit direct, but...

Best of luck.

Yikes,A bit tough on wetdawgs. ...

Sun, 11 Jan 2009 04:24:00 GMT

Yikes,

A bit tough on wetdawgs. Understand that all the lenders telling you what you want to hear get paid by you and you take the risk. The only 0% loans I am aware of now are with the VA. FHAs require 3% and you would have to pay PMI. You really are better off saving for the 20% down payment for a number of reasons. You save on PMI, get a better rate and if God forbid some unexpected life event occurs you would have a better chance at getting out of the house with some equity.

You really shouldn't move ...

Sun, 11 Jan 2009 03:33:00 GMT

You really shouldn't move into home ownership until you have a decent down payment and reserves. A lot can go wrong in life.

Why encourage buyers with ...

Sun, 11 Jan 2009 03:30:00 GMT

Why encourage buyers with zero down payment? The last thing the taxpayers need are more toxic mortgages. Taxpayers are tired of paying for the mistakes of others. The new motto for the US should be "Bail me out".

Sherri, thank you so much ...

Sun, 11 Jan 2009 03:10:00 GMT

Sherri, thank you so much for that info!

I am considering buying a lot, preferably wooded, w/some sort of water for wild life (even just a pond), and will go out as far as an hour commute from the city. Any suggestions on how I would find such a property?