Home Buying in Longview>Question Details

Moncai, Home Buyer in Longview, TX

Can you buy a home with $0 down and through what agency?

Asked by Moncai, Longview, TX Wed Jan 25, 2012

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5
Agreed! USDA is the way to go. In the Longview- surrounding area, Hallsville, White Oak, Sabine, Kilgore, Gilmer, Diana, Henderson, Gladewater...are some of the areas that qualify. Check out my website to learn if you can save on your closing costs too!
1 vote Thank Flag Link Thu Jan 26, 2012
Good Morning Moncai,

Barbara is dead on with her post. I also recommend the 100% USDA loan program if you can find a property that is within the USDA eligibility area. I have attached a copy of the USDA link so you can search for a specific property address to see if it qualifies. Just like Barbara suggested, I would get in contact with a local lender in your area that can look at USDA,FHA and VA financing to see what program can best work for you and the property you are intersted in. Have a great day and good luck with your home serach!
1 vote Thank Flag Link Thu Jan 26, 2012
Yes you can. I see you are in Longview, so if that is your desired home, you could consider the 100% USDA loan. There are specific are eligible for the USDA, and I suggest you consult with a licensed mortgage loan officer that specializes in USDA to confirm those areas. You wouldn't be down town Longview, but there are many homes that would qualify all around it.

On the other hand, qualified Veterans can use their VA for 100% financing. And veterans with a 30% or greater VA connected disability can get a below-market rate through the Texas Veterans Land Board.

The State of Texas also has down payment assistance through several bond issues.

Finally, although FHA requires a 3.5% down payment, you can use gift funds from family members for that amount, and even the closing costs and prepaids.

So much of this advice depends on your income, credit scores, etc., so I suggest contacting a licensed mortgage loan officer for help. I can be reached at barbara@thecokerteam.com
Barbara Coker, NMLS# 228545
Web Reference: http://www.thecokerteam.com
1 vote Thank Flag Link Wed Jan 25, 2012
You pretty much have one option for that... USDA. The home you want to buy must be in a USDA approved area and the combined household income needs to be at or below a specific level to qualify.

Find a lender who can qualify you and tell yo what areas qualify. You may also be able to find some HUD owned homes that qualify for just $100 down.

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes Thank Flag Link Fri Feb 10, 2012
Thank you everyone for your great responses. I have started looking into the sites everyone has given me. When asking about buying house I've always found so many obstacle courses. Credit is not good at all, both have been through divorce and we know what divorce does to credit. So trying to save up an amount of money is always difficult. But at the same time you want a house. Youre so tired of renting and watching that money just fly out of the window for nothing. You want your kids to finish school in one district and stop moving apartment after apartment. Dealing with pushy landlords (slumlords). Loud neighbors, risk of so many other things. I figured I would have so little hope in finding something out there but atleast with the answers Ive been given, I have a slim little tiny bit of hope. Thank you again everyone for such quick and in debt responses.
0 votes Thank Flag Link Thu Jan 26, 2012
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