HI Sheila,

Yes, it is possible. There are Downpayment Assistance Programs out there for people like yourself. As long as you qualify for the loan, or many have income limitations too. FHA has another loan program that will allow 99.5% financing. It doesn't have a fico limit, but it does have more fees and higher interest rate associated with it. They will mostly look at your credit history over the past 12 month to see if you're paying your bills on time. You can save yourself a bit of money, if you get your fico above 620, which is not that much. If you need any help, then please feel free to contact me any time.

A few years ago, you could have probably qualified for a million. Wait another year, save another 20% on prices. Good Luck

Hi Sheila! It is possible! Most of the zero down programs have disappeared for the moment, but it depends on where you work and what cities you might be interested in. I still have loan programs depending on where you work or if you qualify that you can get in with zero down, and some cities offer a down payment assistance program if you qualify..you may qualify in your price range. I have a lender that specializes in situations like this...and we just put a guy into a house with zero down...he did have to put a $1000 deposit down, and pay $300 for home inspection, and $400 for appraisal and he was in and he got a deal on a bank owned home in Torrance. Contact me at 310-429-4170 or shy@shysells.com and I will give you the lender's information. It costs you nothing but 20 minutes of your time, and she can tell you what she can do. She is the goddess of loans and is the ceo of the company and knows loans, forwards, sideways, and backwards.
Thanks Shy:) And she is here in the south bay...Torrance.

Hi Sheila,
Unfortunately, in this market, no money down has for the most part disappeared. I do have some clients who can put as low as 3% down with FHA, however I have not recently seen any 0 down. You can get a more indepth and detailed answer of your options is you speak to a lender. If you need any references for mortgage brokers, please feel free to shoot me an email and I will refer a few to you to pick from.
Hope this helps,
Good luck
Regards,
Lou

LA Real Estate Group
Lou Arakelian
Alex Golshan
info@myLARealEstateGroup.com http://www.myLARealEstateGroup.com

Sheila,

You may wish to call a lender and check on FHA and VA loans programs that are available for homes in this price range. These loans may come closest to the no or low down you are seeking.

You may wish to read: http://sandiegopreviews.com/2008/04/29/san-diego-first-time-…

Best wishes!