Home Buying in 93311>Question Details

Mei, Home Buyer in 93311

Can I purchase a home without having a down payment?

Asked by Mei, 93311 Tue Nov 9, 2010

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Tracy Tibbs-Briggs’ answer
There is a new product out that uses a grant for 3% of the 3.5% needed to purchase a home with an FHA loan. That means you would only need 1/2% of the purchase as a down payment. There are income restrictions but they are reasonable and obtainable. I would consult with a lender to see what programs you qualify for. Yes VA is an option 100% financing or the USDA but you would have to be in outlining areas like Shafter, Wasco and other rural areas. Hope this helps
0 votes Thank Flag Link Tue Nov 16, 2010
All good answers....there is also a $100 down program for certain eligible HUD foreclosed homes.
0 votes Thank Flag Link Sat Jul 7, 2012
The only ones in WI that I can think of is USDA and VA loans.
0 votes Thank Flag Link Sat Jul 7, 2012
The USDA provides a 100% financing loan for homes purchased in a "rural" area. The word "rural" is loosely defined (they provide a website to check coverage area). You are also allowed to add 6% sellers assist to the mortgage (within appraisal guidelines) to cover the closing costs.

Even though the USDA offers 100% financing, it will still take some cash to purchase a home. You may still need money for the initial deposit/escrow, property inspection, appraisal, and one year of home owner's insurance.

This program is limitied to certain eligibility requirements. You should check with your local mortgage rep or call the USDA to determine qualification.


Joe Finnerty
Long & Foster Real Estate, Inc
Lehigh Valley, PA
0 votes Thank Flag Link Wed Nov 10, 2010
Hi there Mei, in addition to the question "can you", I would also urge you to ask yourself "should you. There are thousands in a heap of trouble now as a result of borrowing with little or nothing down in a declining market.

Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Wed Nov 10, 2010
Financing is a very critical part of the home purchase experience. You may get a better understanding of the programs available if you contact a Mortgage Professional. I would suggest one that comes with a recommendation as well. The standard loans, if you will, Conventional 20%, FHA 3 1/2% and VA 0%. I am familiar with a Rural Development Loan in Ohio, which a few of my clients have used, with 0% down. This was helpful as they were not Veterans and could not qualify for the VA loan. There are other bond money opportunities provided usually on a state to state basis. Check with your local professional for a better idea of your options, and good luck with the process.
0 votes Thank Flag Link Wed Nov 10, 2010
Please check out the website below. USDA also has a Rural Development Loan that may be available in your area.

Good luck! Email or call if you need help finding an agent.

0 votes Thank Flag Link Wed Nov 10, 2010
Depending on your credit rating, income and home purchase price, there is a program under FHA that allows for as little as 1% down. Please let me know if you need information and I can refer a loan office that can get you the details.

Catherine Bedrossian
Home Sales Maker
(310) 383-4212
0 votes Thank Flag Link Wed Nov 10, 2010
If you need a home loan there are 3 basic loans: conventional loan requires 20% down, FHA, 3.5%, and VA 0%, is a loan that is for buyers who served in the military. If you would like more information call or email at 661-431-8864 tdhrs@aol.com
0 votes Thank Flag Link Tue Nov 9, 2010
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