Susan, you may want to ask your lender to check into an FHA loan for you. As long as your past 12 months credit history is clean, you haven't had a foreclosure in two years, and your debt to income ratio is okay, you could very likely be approved.
There is a requirement for 3% down payment, but many Realtors can negotiate the contract so that the seller pays that down payment on behalf of the buyer. In todays market, many sellers are willing to do that in order to get the home sold.
Good luck in Holbrook!
Also, if you have good credit call or write me with you tell show you how to buy it without needing the no money down, which most of the time are taking advantage of the buyers.
The no money down loans or 100% financing loans are not a scam. I have and currently work with buyers who go this route. The only thing that has changed is that lenders are red-flagging areas that they call â€œsoftening marketsâ€ and depending on the community you buy in, there may be a 5% deposit required, and in this case 100% financing would not be an option. One thing that buyers donâ€™t think of when using 100% financing is that although the lender may not require a deposit, the seller will require a good faith deposit. You would come out of pocket with this for a short time and have written in the agreement that all deposits are to be returned to the buyer at closing.
My hunch is that most of those websites claiming "no-money-down" offers are indeed a scam. But I do perform appraisals for several of my legitimate lender clients that offer 100% financing. It is rare these days, but not unheard of. I just did an appraisal this week for a highly recommended client of mine, Seth Cohen of Heritage Home Funding (link below), that was 100% financing. Your situation may warrant a conversation with Seth. At the very least he will have an honest, straight-forward conversation with you about your options. He's the expert on the subject, not me, but I know it does exist and 100% financing is definitely an option for buyers in similar situations to yours. If you drop him a line, please tell him I sent you. Good luck, and DO keep your hopes up, it may very well be worth the effort.