Posted on: 21st Apr, 2011 08:25 pm
Do zero down loans still exist.
I make $100k and have credit of 770. Does anyone know what I could qualify for, with very tiny down payment? Thanks.
I make $100k and have credit of 770. Does anyone know what I could qualify for, with very tiny down payment? Thanks.
The USDA has Rural Development loans available with zero down as does the VA if you qualify and served in the military. FHA has 3.5% down payment requirements - with conventional loans (sold to Fannie Mae/Freddie Mac) generallty requiring 10% down.
You can also do a search on Google by first typing in the state you live and then adding either "housing finance authority" or "housing finance agency". Many states have special programs especially for first-time home owners with low down payments, rates and fees.
You can also do a search on Google by first typing in the state you live and then adding either "housing finance authority" or "housing finance agency". Many states have special programs especially for first-time home owners with low down payments, rates and fees.
Welcome Baharandbaran,
Most lenders have stopped giving zero down loans after the real estate crisis hit the market. FHA loans require a down payment of 3.5% - 5% whereas conventional loans require a down payment of 20%. If you're unable to pay the required down payment, you'll have to go for private mortgage insurance.
Most lenders have stopped giving zero down loans after the real estate crisis hit the market. FHA loans require a down payment of 3.5% - 5% whereas conventional loans require a down payment of 20%. If you're unable to pay the required down payment, you'll have to go for private mortgage insurance.
Conventional loans DO NOT require a 20% down payment. What do you think private mortgage insurance is for?
I will say Zero down may exist. But generally mortgage company's not allow for zero down. As you know FHA requires only 3.5% Down and VA Loans requires 0 Down.
In general marginal credit will qualify for low ffixed mortgage rate program.
In general marginal credit will qualify for low ffixed mortgage rate program.