Financing in Westfield>Question Details

Qqueenb5260, Home Buyer in Westfield, MA

do you always need money down for a house?

Asked by Qqueenb5260, Westfield, MA Tue Apr 26, 2011

Help the community by answering this question:



However, there are some programs--such as VA financing--that does 100% financing. Some states or cities will have special programs--often for certain designated areas--that also eliminate the need for a downpayment.

FHA only requires 3.5%.

Or if the house is offered with owner financing, the owner may be willing to sell without a downpayment.

Check with a lender in your area to see what programs might allow you to buy with no money down. And then keep in mind that owner financing (and some other creative financing techniques) also are possible. For the latter, find a Realtor who specializes in creative financing.

Hope that helps.
1 vote Thank Flag Link Tue Apr 26, 2011
Don Tepper, Real Estate Pro in Fairfax, VA

There are no money down mortgages available to you. Do you have good credit? Are you a first time home buyer? What community would you like to live in? I can make it happen for you...I have all the information to help you find a home with no money down!

0 votes Thank Flag Link Thu Jun 20, 2013
How can I buy an apartment complex for 1.1M with no money down?
0 votes Thank Flag Link Wed Jun 12, 2013

You can us a Veterans loan or a USDA loan with 0% down. You will need reserves and income. Best to contact your local bank for questions. Best
0 votes Thank Flag Link Mon May 16, 2011
Hi There,

When you are talking generally on “money down”, there are 2 components to that. When you buy a house, you enter into contracts with 2 different entities; a lender and a home seller. You may find 0% down financing which is part of the contract that you have with your lender, however that has no bearing what so ever on the contract that you enter into with the seller of a home. In MA, there are 5 components to a legally binding real estate sales contract and one of those is “consideration” which is a good faith deposit to hold the property until your mortgage company can close on it. “Consideration” can be anything of value, but the standard of practice is that, that “consideration” be in the form of money.

A buyer’s agent in your area can tell you what a standard deposit to secure a property is while your mortgage company prepares to close on it and they can prepare your contract to state that that money is returned to you upon closing, or it if you prefer can be applied towards your closing costs. Either way, the money you give to the seller’s side becomes available to you once the transaction is consummated.
0 votes Thank Flag Link Fri May 13, 2011

You are going to want to check your area for programs because there are 0 down opportunities available in certain areas; however, these programs are mostly regional. If you are a veteran you can always go VA. I hope this helps. The best advice I can give you is to find a Pro to help you in your area. Have a great day!
0 votes Thank Flag Link Wed Apr 27, 2011
Qqueenb you may wat to investigate in your area. I am currently working with a buyer that is purchasing a home and NSP funds are going to pay almost 10% of the purchase of the home. What she does not use for closing costs go to the down payment. She will end up with about 6% down on the home because of this and only needs 500.00 of her own funds in the transaction.
0 votes Thank Flag Link Wed Apr 27, 2011
No. USDA rural is the way to go. No PMI, low rate. Email me if you would like more info. I have a great loan person out of West Springfield who qualifies hard to finance people with not the "best" credit.
0 votes Thank Flag Link Wed Apr 27, 2011
There are generally about 7 different scenarios where you don't need money down - USDA & VA are two of them. Other options involve Seller Financing, co-signers, lease-option and more. The key is many zero down loans are available to people with other assets, not people without assets or cash.
0 votes Thank Flag Link Tue Apr 26, 2011
Areas in Westfield, MA are USDA eligible. USDA is 100%. The house and your income has to be eligible.

Please feel free to call me with any other questions,

Guajana Skyers
Community Banker
Home Savings Bank of America
0 votes Thank Flag Link Tue Apr 26, 2011

As the gentlemen before me have stated, there are no money down loans available, but those programs have contingencies.

If I can be of any further assistance, I'm a local Realtor who can refer you to a local Lender who can discuss funding options available to you. I can be reached via
0 votes Thank Flag Link Tue Apr 26, 2011
Another zero down payment option that is out there is the USDA loan. It is a zero down loan but may not be available in you area. Check into to it with a lender and see if it is available to you.


0 votes Thank Flag Link Tue Apr 26, 2011
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