Woodland Hills Real Estate
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.
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Here is a link to an article on 16 ideas to come up with a down payment:
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.
With the USDA program you can borrow up to 100%. Ask a local realtor to help you out.
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