Home Buying in 95834>Question Details

Brispoli, Renter in Sacramento, CA

Hi, has anyone heard of a no money down first time buyer loan qualified by the cosigner. Not sure if this is a part of FHA or who?

Asked by Brispoli, Sacramento, CA Tue Mar 12, 2013

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if this is in California, I used a program called CHDAP. A program through the State that dependant on your income, can lend you 3% down toward a down payment. And when using an FFA only means you need to put down 0.5% to a home. While it puts you from a 30 day close to a 45 day close, it is great. And it is basically a second loan which there is no monthly payment for. You pay it back when you re-finance, sell the home, or after 30 years. And even if I get to the 30 years, , it is only just less than twice the initial loan amount once the interest (over 30 years) is applied. I recommend CHDAP if your in CA.
0 votes Thank Flag Link Sat Jan 11, 2014
PS, this says I'm in PA, I'm actually in California
Flag Sat Jan 11, 2014
Hi Brispoli

Reverse mortgages are very attractive options for seniors who own their homes but have some cash flow difficulties in this economy. These loans allow the homeowners to stay in their homes when rising costs, such as property taxes, might have otherwise been too much to bear on a fixed income.

0 votes Thank Flag Link Fri Oct 4, 2013
The only no money down loans I know of are VA and USDA. FHA is 3.5% down and there are down payment assistance programs out there that can help you with that, but you typically have to come in with at least.5-1% down. Have you talked to a lender yet or do you need one?
0 votes Thank Flag Link Mon Apr 22, 2013
How true - Good answer.
Flag Wed Jan 15, 2014
In El Dorado County, California the USDA program may allow you a no down loan?
0 votes Thank Flag Link Mon Apr 22, 2013
They don't exist. The closest you can come to your request is a USDA RDL. There is no down payment and we allow co-borrowers but they MUST reside in the home with you. FHA allows non-occupying co-borrowers but you will need a minimum of 3.5% down payment, but we do have a program that allows a 3% Grant that does not need to repaid. Contact me if you have any questions.

Best of Luck!
Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Mon Apr 22, 2013
Yes I have. Feel free to send a private message here or to eddie@bhrparkplace.com for more details.

0 votes Thank Flag Link Sun Apr 21, 2013
Brispoli - George's comments are spot on as FHA has never offered 100% financing....

It also sounds like you're in need of additional income to make the ratios work as you're mentioning a cosigner being part of your transaction...

I don't believe there will be an underwriting issue when combining down payment assistance with a cosigner, but you'll have issues getting into contract as sellers are passing on FHA offers requiring down payment assistance. It's also a great idea to enter home ownership with some cash reserves so you can deal any unforseen home issues that in invariably pop up!

Let me know if I can be a resource for you!

best of luck, Jeff M
0 votes Thank Flag Link Sun Mar 17, 2013
The only true $0 Down Payment loan is the VA or USDA Rural Development Loan. Other than that, we here in CA have several programs that can offer you either down payment or closing cost assistance. Of all the programs, I prefer the CHF Platinum Program because you DO NOT have to repay the 3% Grant back where you do with CHDAP, and there are no problems if and when you want to refinance. Please feel free to contact me directly if you have any questions and make sure if you choose a Loan Officer from this site or anywhere else, make sure you check out the references or recommendations. Their track record, work ethic and customer service is important.

Best of luck!

Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Wed Mar 13, 2013
VA loans do not require a down payment. FHA allows a 3.5% down payment (all of which can be a gift)
A purchase of a family members home can be structured with no down payment by using a"gift of equity"
Otherwise you will need a downpayment of your own funds of at least 3.5%
0 votes Thank Flag Link Wed Mar 13, 2013
Hello Brispoli, There are many types of loan products out there. But I personally have not heard of a no money down FHA product. There a few very good down payment assistance programs that can help with closing costs. (Links Below) I hope this helps. Please feel free to contact me with any further questions.

Vaughn W. Boyce
Elite Realty Services
Lic. #01477111
Cell: 916-834-5071
Email: greatservice@prodigy.net

Link to Wells Fargo LIFT Program:

Link to CA Down Payment Program:
0 votes Thank Flag Link Tue Mar 12, 2013
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