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No down payment

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Granny nanny Guest	Posted: Tue Nov 01, 2011 10:36 pm    Post subject: No down payment Like 0 Dislike 0 Hi there… I'm looking for a mortgage. Are there options for buyers who have no money down payment? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Tue Nov 01, 2011 10:57 pm    Post subject: Like 0 Dislike 0 Hi Granny nanny, It is always a better option to save money for the down payment and then apply for a mortgage. Nevertheless, as you don't have down payment, you will have to go for a Private Mortgage Insurance (PMI) in order to get a mortgage. Once you have more than 20% equity in your property, you may be able to cancel off the PMI. Thanks, Jerry
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Wed Nov 02, 2011 8:02 am    Post subject: No Downpayment Like 0 Dislike 0 The only mortgages that require zero down payment are: USDA: You and your family must have income below set limits and the proeprty must be in a USDA approved area VA: you must be a veteran Aftre that, the next smallest down payment is 3% for Community Homebuyer convential loans and after that 3.500% for FHA mortgages. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Nov 02, 2011 7:49 pm    Post subject: Like 0 Dislike 0 Hi Granny nanny! Welcome to forums! I agree to what John has said. However, if you don't have a down payment, then you may ask your parents, spouse or relatives to gift you the money. The gifted money can also be used as a down payment while you take out a mortgage. Feel free to ask if you've further queries. Sussane
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Thu Nov 03, 2011 3:40 am    Post subject: Down Payment Like 0 Dislike 0 If you get a gift for the down payment, the minimum is 3.5% for the FHA mortgage. To do a conventional mortgage, you would still need 5% of your own funds. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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