Help with no down payment loan options and best lender to use.
In the market to purchase a home within the next 2 months. We do not want to put money down. What kinds of loan options do we have and what are some of the best lenders/banks to use. We have owned a home previously, sold it in December - no defaults or bankruptcies. Excellent credit. More information on the USDA rural loan and maybe the FHA 203K might help.
Fha and Ameridream may be a great option. You will need a seller that is willing to put it up for you in a down payment assistance program.
http://getprequalified.com/article_list_mortgage_fha_financing.php
he previous answers are good, but don't forget to also look into HUD homes. HUD is currently offering downpayments as low as $100, plus an additional $2500 in repair credit, and you can ask them to pay 3% of the closing costs until September 30, 2008. If the home is in need of additional repairs, the FHA 203K loan will still qualify in many cases for the downpayment of $100. I recently closed on a HUD home in Brooksedge in Pataskala and this particular property was in move-in condition. Explore your options. There are still many different routes you can take.
Jeanette,
I work for a local bank in Columbus. We have FHA 203K loans, low costs and rates. In my experience at the bank I can tell you that I have personally never lost a loan because of rate or costs. Therefore, I have pretty much matched or beated closing costs, and rates to this point. We even have a purchase program that is only $500 in closing costs. I also make a good effort to provide the best customer service possible and to make sure all loans are done in a timely manner. I would be more that happy to get you free estimates on any particular loan. Call me with questions and good luck with everything!
Brent Bester
Senior Loan Officer
(614) 622-8916
bbester21@hotmail.com
Your options for 100% no down financing are currently limited. Even with excellent credit your only options are V.A. funding which still provides 100% financing and FHA 97% financing with a Down Payment Assistance Program like Genesis or Nehemiah.
With the V.A. the seller is allowed up to 4% of the purchase price in seller concessions to help cover your closing costs. With the FHA, the seller is allowed to contribute up to 6% of the purchase price.
For more information about the down payment assistance programs contact your local lender. Also see the following websites:
http://www.thegenesisprogram.org/buyers.cfm
http://www.nehemiahcorp.org/
Good Luck!
Trey Bowden
(405) 340-3277
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