Yes, VA might result in 100% financing, but you also have SONYMA which is a NYS program that gives you down payment assistance, so you'll come out with very little money towards your purchase. There's also an organization out there that provides 100% financing (not my company). So it really could have been a number of different things.
What I suggest is to try to save some money. Even if you were to get into a loan were you're not required to put any down payment, you're always better off putting some down payment. Plus you'll always need money towards a good faith deposit when you go into contract on a property.
If you have questions, feel free to contact me. Good luck!
Senior Loan Officer
Sterling National Bank
I value your feedback, please hit the thumbs up if my reply was helpful.
Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
If you are a Veteran of the Armed Forces and you qualify for VA Guaranteed mortgage financing, then eligible Veterans are permitted to financing up to 100% of the purchase price of the home. That means no down payment.
For other HomeBuyers, Non-Veterans, the program in the Bronx for qualified Homebuyers with the lowest down payment requirement currently is the FHA or Federal Housing Administration. The FHA Insures mortgages made by banks and Mortgage Bankers and allows for a down payment of only 3.5%. http://portal.hud.gov/hudportal/HUD?src=/topics/buying_a_home
After FHA, Conventional financing through either FannieMae or FreddieMac allows for a minimum down payment of 5%. The Lender will need to obtain approval from a Private Mortgage Insurance company (PMI) to complete the loan approval.
The best way to have your questions about down payment and mortgage qualifications answered is to locate a local Mortgage Banker with at least 15 years experience. Mortgage professionals like myself who work for local Mortgage Bankers are Licensed as opposed to the registered status of sales people at regular banks. Thus you will receive a higher level of service which is just what a First Time HomeBuyer needs in the Bronx.
I hope that helps!
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
There are certain ways that you can buy a home with no downpayment. One way is using a VA home loan but for this you must have served in the Armed Forces of the United States. There might be other ways but its best to consult with a mortgage office that can better assist you. Please feel free to give me a call ass I work with some great Mortgage Officers that can answer all your questions.
All the best,
Exit Realty Search
3928 E. Tremont ave
Bronx, NY 10465
There is an option available to you. There are specific requirements and not everyone is eligible, but if you would like more information, please let me know. Thanks for the question.
Please look at Mark Fisher answer, its the Truth! Please sit down with a Mortgage Loan Officer and go over your pre-approval in detail. The Home Purchasing process is very detailed and you want to get all the facts.
You will need some kind of funding for your downpayment and closing costs.
You can also be a perfect candidate for a FHA LOAN..
We have a HOME BUYER WORKSHOP coming March 23rd!
For further detail please call me direct a 646-957-4648 or email me at :firstname.lastname@example.org for all the details and how to REGISTER.
Exit Realty Search
3928 E. Tremont Avenue
Bronx, NY 10465
Your first step is to meet with a mortgage/loan professional to determine how much you can afford to purchase. There are a few grant programs that can assist you with down payment/closing costs up to 3% but you need to get prequalifed first and meet the program's requirements. There are some situations where the seller maybe willing to contribute to your down payment but in most cases you have to bring something to the table.
I would be glad to discuss your options with you.
If you are not a veteran another way of finding money for your down payment may be funds from your retirement account, pension, 401k etc or a gift from family.
Feel free to contact me if you have any questions (347) 242-1206