Home Buying in Redwood City>Question Details

Kim Wolfson, Home Buyer in California

How can I get a mortgage without a downpayment?

Asked by Kim Wolfson, California Tue Sep 9, 2008

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Although not as common these days it is available to people with good credit and meet the certain loan criteria, there is VA, some fha loans in connection with your state housing authority. Your best bet is to seek out a local and trusted loan officer, stay awy from internet lenders and get prequalified. this will tell you what programs are out there, what price range you should be looking in, how much if any money you will need and what your monthly paymenst will be. good luck with your purchase.
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Sun Sep 14, 2008
Kim, 100% financing is risky at best. I would not recommend that type of financing to any home buyer, especially if you are a first-time home buyer. You really are better off having a down payment, even if it is a small one. Look into FHA loans. http://www.hud.gov/buying/loans.cfm

If you are a California resident look into a Cal HFA loan, http://www.calhfa.ca.gov

These types of loans usually require 3% down, although I believe that is going to increase to 5% in 2009. Most banking institutions have loan programs for first-time buyers as well. If you have a solid credit score, you can most likely qualify for a good loan package. Best of luck! Let me know if you need help.
Web Reference: http://www.MarthaLonghi.com
1 vote Thank Flag Link Sun Sep 14, 2008
Finding 100% financing may be possible but it’s probably not a good idea. The interest rate you’re going to pay will be higher and the risks are much greater with no equity. Try the old fashion way. Get a loan from your parents, grand parents, or rich aunt. Some employers also provide attractive loans for down payments to their employees. Probably not the answer you wanted to hear but you’ll be better off in the long run.
Web Reference: http://www.thebayblog.com
1 vote Thank Flag Link Tue Sep 9, 2008
Also call any Coldwell Banker real estate office in your area. They have nationwide mortgage programs as well and are competitive -- a good comparison for any other loan inquiries. They represent a comprehensive package of VA, FHA, first time buyer, Jumbo and a myriad of other loan packages.

There may also be some state and local home loan assistance programs that may be helpful for you if you meet their qualifications. Our area offers no down payment loans to public service employees such as teachers, fireman, police officers, and so forth. There are other programs as well. Make some phone calls.
0 votes Thank Flag Link Tue Sep 9, 2008
i heard Wells Fargo has a program to get a mortgage without a down payment. i suspect the monthly payment would be very high though...
0 votes Thank Flag Link Tue Sep 9, 2008
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