Home Buying in Opelika>Question Details

Audrey Willi…, Home Owner in Opelika, AL

How to buy a house with no money down?

Asked by Audrey Williams, Opelika, AL Fri Dec 28, 2012

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2
Hi Fay,
The minimum down payment will be determined by the loan program, the type of occupancy, and your qualifications as a borrower.

Only two 100% Financing programs are currently available. One of which is the VA loan program. VA financing is only available for eligible veterans. The second 100% option is USDA financing. USDA loans do have geographic restrictions to rural areas though.

For FHA and FHA 203K mortgages, the minimum down payment is 3.5%. That down payment can be from the borrower’s own funds or a gift from a family member.

Conventional mortgages typically require at least 5% down for a primary residence. Any conventional mortgage with less than a 20% down payment will require monthly mortgage insurance. Second homes will require at least 10% down while investment properties will require at least a 20% down payment.

Fannie Mae offers special HomePath Financing for eligible HomePath properties. It is only 3% down for primary residence and 10% down for Second Homes and Investment properties. For someone owning 5-10 financed properties, a 25% down payment will be required for Second Homes and Investment properties. Those owning 11-20 financed properties would need a 30% down payment to purchase any additional Investment properties.

Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Fri Dec 28, 2012
Yep if you,re a veteran you can qualify. Finding a seller motivated enough to take back financing and start as an option to buy is very, very hard to come by. At that the interest rate on top of the full purchase price is going to be a very handsome monthly payment. Good luck and avoid snake oil salesmen.
0 votes Thank Flag Link Fri Dec 28, 2012
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