Home Buying in San Marcos>Question Details

Victor, Other/Just Looking in San Marcos, CA

Are there any programs to buy a home with no money down? or what is the minimum down payment...? and what are the programs qualifications?

Asked by Victor, San Marcos, CA Tue Jan 29, 2013

I don't have much for down payment and closing cost, so I believe most of what I can come up with will go in closing cost, so very little (if any) will be left for down payment.

Help the community by answering this question:


Hello Victor,

If you have been in the military or currently are, you can qualify for a no money down, no mortgage interest VA loan.If not a FHA loan for as little as 3.5 percent.There is down payment assistance programs as well.You can get a seller credit for your closing cost, if not you can a lender credit. Call me if you have questions and need a excellent lender.

Michael Alex
Real Estate Consultant
“The Trustworthy Choice in Real Estate”
cell. 619.581.9348
email. AskMichaelAlex@gmail.com
Pacific Sotheby's International Realty
San Diego,CA
0 votes Thank Flag Link Tue Jan 29, 2013
There are ways to build the closing cost expense into the loan so you don't have to come out of pocket. A further consideration is your credit score and income as they will drive your purchasing power or lack thereof.

Call if you need assistance and want honest answers.

CA DRE 01775528 I NMLS 980076
(760) 525-8698
0 votes Thank Flag Link Tue Jan 29, 2013
Yes Victor...good news...If you are willing to locate in a 'RURAL' area of San Diego County (Bonsall, East Fallbrook, North Escondido, Valley Center, Ramona or Alpine and East) and you can qualify for a USDA Rural Home Loan, you can buy with no money down and Monthly Mortgage Insurance of only .4%. They are willing to loan 102% of the purchase price to cover your funding fees. Contact me if you want to talk with a lender! http://www.delhickman.com
0 votes Thank Flag Link Tue Jan 29, 2013
Hi Victor,
If you qualify for VA, you can get 100% financing. The next one up is FHA which is 3.5% down. I have a great loan gal that I can refer you to that can help you sort out what the best product is for you.

Sinead McAllister
McAllister Homes Real Estate
0 votes Thank Flag Link Tue Jan 29, 2013
Yeah, there is the VA loan which is zero down, but you have to be a veteran. Aside from that, there are down payment assistance programs available as well to help cover your down payment...

Give me a call and I can give you some options. I am in San Marcos, and my office is in Escondido.


Daniel Lehman
0 votes Thank Flag Link Tue Jan 29, 2013
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