I want to buy a one family house at ozone park, NY 11417 neighberhood.
I have no credit history, but owning a house will help me a lot in every ways in life.
I work full time and 52 years old. and has a disable daughter with a kid.
Is it possible to get a house in 0% down payment or at least 2% down payment please? without closing cost?
OR CAN A BANK HELP OUT PEOPLE LIKE US BY GIVING LOAN TO PAY THE DOWN PAYMENT?
And then when I will have the house, I will pay off the loan plus the mortgage from the RENT?
LET ME KNOW WHAT WILL BE MY BEST OPTION.
I tried FHA loan too.
There is assistance out there for low income home buyers. SONYMA (State of New York Mortgage Association) has a $10,000 down payment assistance grant. If you have no credit history, it's almost as bad as a poor credit history. Also, you may be able to get an FHA loan but you do need to have at least 3.5% of the purchase price to put down as a down payment and finance the rest. You may want to speak with a bank and also a credit counselor on building your credit.
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Speak to your lender to see if they partiipate in any downpayment assistance programs. You should alsobe able to go to your local goverment web page and be able to search. In FL there is a program called USDA (do not know if in other states); it offers 100% financing. In some instances you can get 103% of appraised value of home in order to roll the closing costs into the loan. Another thing you can do; is ask the seller for some closing costs contibution generally 3% because remember you will need cash for not only down payment but also towards closing costs. One thing you may also be able to do is increase your offer for examplet by 5000 and ask for $5000 towards buyers closing costs and prepaids. Hope this helps and GOOD LUCK!
You need to speak to a lender. They can pull your credit to see if you qualify for an alternative credit mortgage. You definitely need at least 3.5% down. Neighborhood Housing Services is a good source to check with to see if there is any grant money available to you. Check out 16 ideas for a downpayment with this link http://www.box.net/shared/4pq5fsxvd3 and my real estate book http://www.box.net/shared/kpsdmaal5o which explains how to buy a home.