Jaybone23-23, Renter in Detroit, MI

How could i get in to my own home for a little of nothing down and stay in the price range of 400.00-500.00 a moth payments?

Asked by Jaybone23-23, Detroit, MI Tue Jun 19, 2012

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Great question and with the new banking regulations, getting a mortgage and financing is a little more complicatied, but with patience and a professional real estate agent, you can make the American dream of home ownership yours.

First step is qualification. It is important to know where you stand and what you can afford. Many banks and credit unions have easy to complete online mortgage applications. If there are any issues, now is the time to address them.

Next step is also with your banker - identifying a qualifiable mortgage package. In Missouri, there are conventional loans requiring as little as 5% down payment. There is also an FHA mortgage which only requires 3.5% down payment. This loan when coupled with the MHDC loan program could get you an additional 3% of your down payment. A USDA rural development loan requires no down payment, but the property must be eligible. VA loans are also 100% financing, but you must of course be a US veteran.

If you have a seller that is willing to pay some of your closing costs, this could also help alleviate large payments at closing.

As you can see there are many possibilities and options. That is why it is so important to start with a qualified real estate agent and your choice of banker or mortgage officer. I'd be happy to help you further and welcome a call!

Thanks again for your interest!
Kris
1 vote Thank Flag Link Tue Jun 19, 2012
Depending on your location- you might be able to do a USDA loan. I would love to give you more details and walk you through your home buying process. Please give me a call or email me!

Alexandra Weishaar
Purchase Coordinator Representative
901 Safari Drive Suite 105
Columbia, MO 65202
Office: (855)616-8567
Cell: (573)239-8565
Fax: (573)441-0842
alexw@gnblending.com
http://www.gnbhomeloans.com
0 votes Thank Flag Link Mon Sep 16, 2013
I'm leaving back home in the good old Detroit again and I'm looking for a home that's handicap assessable. I need 3 Bed rooms 2.Baths one on the first floor with a bed room with a full basement.
0 votes Thank Flag Link Thu Aug 22, 2013
Little down: FHA financing for 3.5%. Some states and localities also offer low-down payment programs.

Nothing down: Owner financing. Not all owners--in fact, comparatively few--will agree to nothing down. But some will.

Good luck.
0 votes Thank Flag Link Tue Jun 19, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Hi, Jaybone. Outside of VA loans, there is no 0 down (100% financing) loans available any longer. However, there may be some local, state, or federal down payment assistance programs available to you to utilize. I would simply goggle "home loans down payment assistance programs+Jefferson City, MO" and see what you get. Good luck!
0 votes Thank Flag Link Tue Jun 19, 2012
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