Home Buying in Santa Clarita>Question Details

Bobrader%40c…, Home Buyer in

Great credit - small credit card debt.. want to pucrhase my own home, no down payment, want to buy this year Any suggestions?

Asked by Bobrader%40ca.rr.com, Sun Oct 21, 2012

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One way is to utilize the USDA loan. It is for rural non-farm properties.

Requires 0 down and will pay your closing costs. APR's on the 30 year fixed are 3% or lower!!! (that is fixed.)

There are income limits and you have to buy in certain areas. In the Santa Clarita area most of the homes on the West side of the 5 freeway are in eligible areas.
1 vote Thank Flag Link Tue May 7, 2013
Good Afternoon,

There are a lot of different loan programs available. Please contact me and I can provide you with more information.

Nancy Villasenor, Broker Associate
RE/MAX of Santa Clarita
25101 The Old Road
Santa Clarita, CA 91381
(661) 945-7200 Direct
(661) 284-5095 Office
(866) 519-2179 Fax
Broker License 01433438
0 votes Thank Flag Link Tue Oct 23, 2012
Call me. can get this done done you.

Richard Szerman
Silver Creek Realty
0 votes Thank Flag Link Mon Oct 22, 2012
The one solution to your problem would be having a co-buyer or receiving gift money from family. FHA might be the best option for you at this time and you will need help as there are no zero down loans that I am aware of. Tony Lewis * RE/MAX of Valencia
0 votes Thank Flag Link Sun Oct 21, 2012
There are loans out there with no or low down payment possibilities. As others have said contact a local lender about options.

In my opinion though, you should hold off on buying a bit until you are more prepared. Houses come with maintenance responsibilities and unknowns. At the very lease you need to have an emergency fund set aside to cover expenses if you have a problem. See my blog link below about what you should do to get ready to buy a home. Of course this is just my opinion, but I don't have anything to sell you, and I prefer to see people be comfortable financially once they become a homeowner.
0 votes Thank Flag Link Sun Oct 21, 2012
Yes, go to Califund.com and fill out their form. His is a down payment assistance program that may be just what you need.
Good luck.
0 votes Thank Flag Link Sun Oct 21, 2012
Hi Bob!

Maria is right - you need to contact a local lender. Be very careful about calling a "big box" lender like a Bank of America or Chase... they often don't have access to a lot of the community or state programs that may be out there to help first time homebuyers.

Contact a LOCAL lender, ask them what programs might be available. I know in Texas there are several and I'm sure in your area there are as well. Once you figure out what is available and get preapproved, you will be able to get a better grasp on what you can qualify for.

Best of luck to you!

Brian Rayl
B&B Realty Group
Keller Williams Elite Dallas TX
0 votes Thank Flag Link Sun Oct 21, 2012
Hi Bob:

Congratulations on your decision to become a homeowner. Let me share first this quote with you.
"Instead of looking at homes through the eyes of an economist, we’re realizing that a home doesn’t solely equate to financial return or measure only to a mortgage amount. Instead the home is the emotional center of our lives, and it remains a critical component of who we are.”

Now, your very first step is to get your financing in order. Ergo, getting yourself pre-qualified by a local lender.

You can't start house hunting without this and without finding out what loan programs and options are available to you.

Afterwards, work with a realtor in the area who is competent and is a best fit for your personality.

Best of Luck
0 votes Thank Flag Link Sun Oct 21, 2012
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