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mariluzrodz · Joined: 17 May 2011 Posts: 1 1.00 Dollars($)

I just wanted to know can I get a loan family home without putting money down for the home. The reason is I don't want to just pay rent to someone and I prefer to just pay the loan for the home. I just got hire, I would have to move once I have money saved to move out. I wanted to know if I can get help to buy a family home by getting a loan to buy the home?

chrisgummerson · Posted: Tue May 17, 2011 4:08 pm Post subject:

Generally you need to bring in 3.5% down on FHA. There are some programs that allow for 3% to be obtained through state grants etc. But you need 10% down on conventional and 3.5% for FHA. Also you need to have enough money to cover the closing costs. Appraisal, title, escrow, interest, lender fees, hazard insurance and taxes. If you have 0 money, you will not get a loan in todays market.

eput2000 · Joined: 17 May 2011 Posts: 1 1.00 Dollars($)

Minimum 5% down for conventional
Minimum 3.5% down for FHA

+closing costs

Rural development loans usually dont require down payment.

Some lenders might let you finance 80% on first mortgage and 20% on second. I would not recommend this though.

alcovamortgage · Posted: Tue May 17, 2011 7:32 pm Post subject:

mariluzrodz - as others have said, there are some programs that allow for no downpayment, including USDA loans. Where are you looking to purchase a home?

THere are also options to have the realtor/lender pay part of your closing costs (though not your downpayment), though the net benefit for you would be the same.

gmakerley · Posted: Wed May 18, 2011 6:51 am Post subject:

Marilu, do you have family members who'd be willing to part with some money in order to help you with a gift? That's often the case with folk who lack the cash to purchase on their own.

Not knowing where you live limits what I can tell you about downpayment assistance programs, but you can check with your state's department of housing to see if there are programs that will assist you in making a purchase. Many states have cut-rate programs that provide 100% financing...see if you might qualify if there's one in your state.

Also, as noted above, when purchasing a home, you can often request and receive from the seller a financing concession - they'll agree, for example, to pay a percentage of your closing costs.

Beware, however. No matter your situation, you'll want to have some funds on hand for reserves. You don't want to be in the position of being cashless only to have an emergency come up that prevents you from making your mortgage payment on time, which can lead you down a path you absolutely don't want to go.

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