Financing in 01701>Question Details

JPZ, Other/Just Looking in Harrisburg, PA

are low down payment loans still an option?

Asked by JPZ, Harrisburg, PA Sun Dec 18, 2011

0 votes Share Flag Financing in 01701

Help the community by answering this question:

Answers

15
Heath Coker’s answer
We are often told about low down payment loans by the mortgage brokers and loan originators in our area. I'd call some local lenders in the area where you want to buy. They may have some useful programs for you.

(It helps brokers and agents who answer your question, when you choose a Best Answer.)
0 votes Thank Flag Link Wed Dec 21, 2011
In addition to all the good info below, another "new" option is to buy a home that is associated with the Govt's HomePath program. Basically you can view select homes that they have for sale and purachse them without an appraisal for 3% down and that can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.

You also will not have MI (Mortgage Insurance) on a monthly basis like you would with an FHA loan. And sellers can contribute to closing costs.

Homes are listes on HomePath.com. Select lenders can accomodate the homes listed on the site, and I am one of them. Please feel free to contact me to get pre-approved- my contact info is at http://www.LendWithScott.com .

Regards,
Scott McCauley
Annie-Mac Home Mortgage
Web Reference: http://www.LendWithScott
0 votes Thank Flag Link Tue Dec 20, 2011
FHA loans required just 3.5% down but you will have to pay PMI, as well as an upfront FHA premium. However, the interest rate is very competitive.
0 votes Thank Flag Link Mon Dec 19, 2011
Absolutely, in addition to the ones mentioned below there may also be local assistance programs.
0 votes Thank Flag Link Mon Dec 19, 2011
USDA is not available in 01701 and only a small amount of towns within 495.
0 votes Thank Flag Link Mon Dec 19, 2011
Here is some information on the USDA program: http://www.trulia.com/blog/elliott_r_oliva/2011/07/what_is_a…
0 votes Thank Flag Link Mon Dec 19, 2011
FHA with 3.5% down is the popular option for that. Not all properties qualify however.
0 votes Thank Flag Link Mon Dec 19, 2011
I am hearing that besides the FHA 3.5%, VA 0%, USDA 0%, that Well Fargo now has a 2% down loan option as well.
0 votes Thank Flag Link Sun Dec 18, 2011
FHA at 3.5% down is the most popular. I'm in Framingham if you do have ?s.
0 votes Thank Flag Link Sun Dec 18, 2011
Also some cities and towns have buyer assistance programs that provide money for down payment or closing cost assistance - can be up to $5000 or more in some areas. Contact your town's Housing Authority Office for information.
0 votes Thank Flag Link Sun Dec 18, 2011
There are several programs with low down payments. As mentioned, FHA loans at 3.5%. VA loans at 0%. there are also programs for first time home buyers. There also programs for people in certain occupations. (I.e. Teachers and law enforcement)
Web Reference: http://www.money-zine.com/
0 votes Thank Flag Link Sun Dec 18, 2011
Yes, FHA backed mortgage programs require 3.5% down payment. USDA programs offer 100% programs in select towns.
Web Reference: http://www.MAhome.com
0 votes Thank Flag Link Sun Dec 18, 2011
Yes. There definitely are. You can purchase with either zero or 3.5% down. Both are government loans and rates currently are in the low 4's. Check out my site at http://www.mortgageinfo.tv and request a report. I have videos and reports. Just click learn from us at the top. I am licensed in MA NH and ME if you need help.
Good luck. Jason
Web Reference: http://www.mortgageinfo.tv
0 votes Thank Flag Link Sun Dec 18, 2011
Low down payments loans are still an option, but it is harder to find them. I complained to a banker that no one could get a loan because down payment requirements were so high. She gave me the number of a Mortgage banker who knew about programs for first time home buyers.
0 votes Thank Flag Link Sun Dec 18, 2011
FHA loans require 3.5% down; consult with any licensed loan officer to determine mortgage qualification....
0 votes Thank Flag Link Sun Dec 18, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer