Financing in Woodland Hills>Question Details

Dallas Chamb…, Home Buyer in 76643

We have decided to buy a home and would qualify as 1st time buyer.My credit is good and I make a good living problem is we would only have a small

Asked by Dallas Chambers, 76643 Fri Feb 5, 2010

down payment,is there any hope of getting in a home in the range of 140 to 160,000?

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Answers

7
You should to try to get pre-approved for FHA financing, you can buy a home with as little as 3.5% downpayment.

Thanks,
Sara Mehrpouyan
Rodeo Realty
Woodland Hills Real Estate
818-903-2040
dre#01712757
Web Reference: http://AtHomeWithSara.com
0 votes Thank Flag Link Wed Jan 12, 2011
There are loans available with little or nothing down. FHA would require 3.5% down ($5,600 on a $160,000 sales price) and USDA doesn't require any down payment., FHA will allow the seller to contribute up to 6% to help pay for your closing costs and USDA has no limit on seller contributions.

There is also a California Bond loan that is a "silent 2nd" which can help with down payment. There are no monthly payments on the 2nd loan which is all due and payable in 30 years or when you refinance. That program only requires that you contribute 1% down payment and the loan would actually be 3% of the sales price so you would also have .50% to help with closing costs.

Please feel free to contact me for more information
0 votes Thank Flag Link Mon Nov 29, 2010
If you buy a HUD owned home you only need to put $100 down and they pay closing costs if you give a full offer. USDA (rural property) finances up to 100%. If you are a vet check to see if you qualify for a VA mortgage. VA mortgages do not require any down payment. FHA requires 3.5% down and the seller can pay nonrecurring closing costs.
Here is a link to an article on 16 ideas to come up with a down payment:
http://www.box.net/shared/4pq5fsxvd3
0 votes Thank Flag Link Mon Nov 29, 2010
Hey Dallas,

There are ways to do it.

USDA program is one if the area you are looking in qualifies.

FHA is going to require 3 1/2 to 5 percent depending on your credit

Conventional is going to ask for 5 to 10% down.

With that being said, there are still ways to do it, but you really need to sit down with a mortgage broker and have them run through which would make the best sense for you.
0 votes Thank Flag Link Fri Feb 5, 2010
Find a local professional, the process seems overwhelming at times, but if you have a good Real Estate broker they can walk you through the process step by step.. It always helps to have someone show you the ropes. Both of the other responses are acurate, but i would still get a local expert in your area.. They will explain in detail how to go about purchasing your first home..
Web Reference: http://utahcribs.com/
0 votes Thank Flag Link Fri Feb 5, 2010
You could do an FHA loan with 3.5% down-- however, why not visit with a qualified loan officer(s) see exactly what your budget can handle--he/she will be your best source of advice--then choose an agent--also keep in mind in order to qualify for the tax credit, you need to be in contract by April 30, 2010 and close by the end of June.
0 votes Thank Flag Link Fri Feb 5, 2010
Hi Dallas,

With the USDA program you can borrow up to 100%. Ask a local realtor to help you out.

Good luck,
Mark LeMenager
Find your next house with the click of a mouse.
Search the MLS without obligation or registration from my website.
0 votes Thank Flag Link Fri Feb 5, 2010
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