Zillow Advice: Buying Process - Hi. I am a first time home buyer.. with no down payment, is a down payment a must?

Thanks David, you clarified ...

Fri, 06 Mar 2009 05:18:00 GMT

Thanks David, you clarified what I was trying to say.

For FHA you will need at ...

Tue, 03 Mar 2009 15:32:00 GMT

For FHA you will need at least 3.5%. It can be gifted.

You will need at least 3.5% ...

Tue, 03 Mar 2009 13:40:00 GMT

You will need at least 3.5% for FHA. In this credit environment it is next to impossible to get anything for less than that. Also keep in mind, closing costs (some sellers pay them but many of the costs you have to pay). On average its going to run about 3 or 4 grand just for your portion of closing costs (depending on the price of the house) on top of your 3.5%.

There are some FHA and VA ...

Tue, 03 Mar 2009 06:02:00 GMT

There are some FHA and VA programs that allow buyers to buy with little or no money down, but it is best to have cash in some form. There are always hidden cost in moving that first time buyers need to understand, so make sure you are working with an experienced agent that can explain the process in a clear, concise manner. Understanding the tax credit for first time homebuyers is essential as well. I would start by talking to a a loan officer or mortgage rep. to find out what programs you qualify for and what you can afford in terms of price for a house.