Home Buying in Louisville>Question Details

Pamellamarti…, Home Buyer in Louisville, KY

How to buy, sale and trade homes with zero monies down.?

Asked by Pamellamartinspanyer, Louisville, KY Fri Jan 25, 2013

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Answers

4
20% Down if credit bad expect more
Unless Fha loan.

http://www.buysaleandtrade.com
0 votes Thank Flag Link Thu May 8, 2014
Borrower requires a minimum of $1,000 assistance, up to a max of $4,500, based on need. Must use their own liquid funds in excess of two months’ PITI before they look to HOME DAP.
• Must go maximum allowed LTV on the first mortgage.
• Property must pass HQS inspection (Lead Paint).
• Cannot be used in conjunction with REO properties or FHA 203K streamline program.
If all of these are met, you must determine how much HOME DAP can be accessed. This is total cash needed to close, minus seller concessions, minus borrower funds in excess of two months’ PITI. Whatever remains, rounded to the nearest $100, is the HOME DAP loan amount.
3. Does the borrower or property meet one of the three Neighborhood DAP qualifiers?
• Is the property being purchased as an REO, foreclosure, bank-owned, or short sale property?
• Has the property been marketed for six months or more?
• Has the borrower experienced a foreclosure, short sale, or deed-in-lieu in the past and now credit qualifies?
If yes to any of these, the borrower qualifies for the $10,000 Neighborhood DAP. Funds can be used toward the down payment or for closing costs and prepaids. Loan is amortized over 30 years at 1 percent interest rate. The borrower must qualify with second mortgage payment. If not, proceed to Regular DAP
0 votes Thank Flag Link Fri May 3, 2013
Most of my clients use one of the Down Payment Assistance or grant programs with an FHA first mortgage.

Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Fri Jan 25, 2013
This best answer to no down payment mortgages is for individuals that qualify for VA mortgages. Rural Housing is also an excellent option for homes that qualify and for individuals that meet the income guidelines.
0 votes Thank Flag Link Fri Jan 25, 2013
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