Home Buying in Clason Point>Question Details

Yanira, Other/Just Looking in Clason Point

Do I need a down payment to buy a house even if I have good credit ?

Asked by Yanira, Clason Point Sun Apr 8, 2012

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10
Good morning Yanira,

Both down payment and good credit are part of the THREE Building Blocks of mortgage qualification: IAC or Income, Assets, and Credit. You must have all three of these features in place to qualify for mortgage financing. The exception to down payment would be if you are a Veteran of the Armed Forces and you qualified for VA Guaranteed mortgage financing. In this program, eligible Veterans are permitted to financing up to 100% of the purchase price of the home.
http://www.trulia.com/blog/tcurranmortgage/2011/10/va_mortga…

For other Homebuyers---non-Veterans---a down payment would be required. The program in the Bronx for qualified Homebuyers with the lowest down payment requirement currently is the FHA or Federal Housing Administration. The FHA Insures mortgages made by banks and Mortgage Bankers and allows for a down payment of only 3.5%.

I hope that helps!
Trevor Curran NMLS #40140
2 votes Thank Flag Link Mon Apr 9, 2012
Why should the seller agree to accept your offer removing the home from the market if you have nothing (cash down) to lose?
1 vote Thank Flag Link Sun Apr 8, 2012
There are other factors besides credit that determine mortgage qualification; such as income, debt, etc., therefore if you haven't done so yet, visit with any licensed loan officer to determine qualification; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. Generally FHA loans do require 3.5%, however VA and USDA loans can be done without downpayment funds. Also see links below for other helpful information.
http://www.nyhomes.org/AboutUs/SONYMA/
http://www.nyhomes.org/AboutUs/AHC/
1 vote Thank Flag Link Sun Apr 8, 2012
Yanira,

You definitely need a down payment and also you need to know that you have Closing costs too. Speak to your Lender he/she will walk you through the process and your options.

This is the time to bu.... Its a Buyers Market!

Best of Luck!!

Millie from RE/MAX Voyage
Certified Buyers Representative
1930 Williamsbridge Road, 2nd Flr
Bronx, NY 10461
646-957-4648
http://www.bronxwestchesterhomes.com
0 votes Thank Flag Link Tue Apr 24, 2012
Hi Yanira,

Great question. While there are various lending programs available, it is my recommendation that you speak with your mortgage lender to determine which option is best for you. As lending guidelines are ever changing it would be in your best interest to consult a lender who can determine your qualification for a mortgage and start the application process. Having your mortgage pre-approval letter prior to hunting for homes will allow you to shop with confidence and assist your realtor with finding homes that suit your budget.

Good Luck!
0 votes Thank Flag Link Sat Apr 14, 2012
you need, no just down payment, you need to proof that you make enough to pay your mortgage, beside that you also need to have the money to pay for closing cost too.
0 votes Thank Flag Link Sat Apr 14, 2012
The elements of a contract require the exchange of value. Yes, you will need a downpayment.
0 votes Thank Flag Link Mon Apr 9, 2012
Yanira,

To add to Laura's comment there is also down payment assistance programs for First Time Home Buyers but the HPD have very strict guidelines and prequalification but in essence you get a grant up to assist you with your down payment or closing costs.
0 votes Thank Flag Link Sun Apr 8, 2012
Andrew, I am surprised at your answer. Have you never done a deal with a VA loan for example? The norm, at the contract a good faith deposit IS put in escrow for the purpose of the contract and to satisfy the seller that the buyer will have something to lose if they don't follow through with the deal (barring the contingengies which the contract allows such as mortgage approval or denial etc), and AT the closing that deposit is returned to the buyer...so in effect they did NOT put any money down for the purchase.
0 votes Thank Flag Link Sun Apr 8, 2012
While I believe in supporting those who defend our land my experience supports my earlier answer.
Flag Sun Apr 8, 2012
Unless you do a VA loan...the only other way you can do it without a downpayment is a NACA Loan. Then there is of course the FHA Loan which is as low as 3.5% down.

Don't forget, downpayment is only half the story...make sure you have the funds for the closing costs...

As it is...the VA loan (applies only if you are or were in the military) or the NACA Loan could work because there is no downpayment and with the NACA Loan there are no closing costs other.

If you need more information feel free to contact me. Otherwise best of luck to you in your home search and purchase!

Laura Lazar Kearns
Licensed Real Estate Broker/Owner

LLK Homes Realty Inc.
Phone - 646-498-9302
Fax -646-731-6875
http://www.lauralazarkearns.com
Vorbesc Româneşte!
Hablo Español!
0 votes Thank Flag Link Sun Apr 8, 2012
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