Financing in 91763>Question Details

letsgovintage, Home Buyer in Antelope, CA

Can we buy a house with no down payment?

Asked by letsgovintage, Antelope, CA Mon Mar 4, 2013

My husband and I are looking to buy a house in San Bernardino or Riverside County. We are first time buyer, have jobs and good credit scores but no savings for down payment

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Technically with VA you do not need downpayment $. But in reality you do. You have to put up a good faith deposit when you write an offer. There has to be some collateral exchanged for the seller to commit to you and remove the listing from the active market. The way we structure your offer is 100% financing. So at the end you get your initial deposit back at the close of escrow.

There will be closing cost to consider. However, there are loan programs designed for downpayment or closing cost assistance that can be uses in conjunction with the VA loan... Providing that the borrower qualifies. There are income and credit restrictions.

I have been using these loans for buyers for years now and I have gotten buyers as much as $21,000 through these programs along with asking for closing costs from the sellers.
I do it all the time, so I know it is possible.

Call me if you have questions.

Best of luck,

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
BRE Lic #01456982
0 votes Thank Flag Link Sat Apr 11, 2015
Good Morning.
If you or your spouse is a veteran then the VA has a no down payment option. If the VA is not an option then there are programs that will facilitate a purchase with as little as .5% down. If interested let me know your availability and we can set an appointment this week and get you started on your goal.
0 votes Thank Flag Link Sun Mar 17, 2013
Good Afternoon,

Please contact Ralph Lopez (909-938-8168) with First Mortgage. There are programs out there that provide assistance in either a grant or loan to assist with down payment and closing costs. Of course if you are a veteran there is also the option of a VA loan. May I inquire as to what areas of San Bernardino County or Riverside County are you considering?

Regards,


Jose Ixmay
949-291-9932
jixmay@msn.com
0 votes Thank Flag Link Mon Mar 4, 2013
With V.A. and Rural programs these are the only two am aware of.
http://www.theboydcapitalgroups.info/
0 votes Thank Flag Link Mon Mar 4, 2013
Yes, there are some loans that require 0% down but they are few and limited to some locations. My gut feeling is you will not be able to do them and will need an FHA which requires just a 3.5% down. VA loans are $0 but you have to have been in the military. USDA loans are limited to certain areas that are more rural. Seek out and speak to a couple lenders to get the big picture, its free.
0 votes Thank Flag Link Mon Mar 4, 2013
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