Home Buying in Bridgewater>Question Details

ccmoore1017, Home Buyer in Bridgewater, MA

In regards to financing...

Asked by ccmoore1017, Bridgewater, MA Thu Sep 12, 2013

for first time home buyers have you guys seen the lenders put their foot down and require 20% down on mortgages or is zero down still a possibility?

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6
Only person that came close to a really good answer without selling themselves so much is Bryan. I agree with him on what he said about the USDA. I am proof of it as a first time home buyer with putting 0% down on our home. With USDA it is simple and easy - follow the guide lines. I can help by answering more of your questions. Is there a way to communicate here instead? Don't want to put my privacy out there.
2 votes Thank Flag Link Fri Sep 13, 2013
I would like to know more on how you did it, if not 0% down, how about 5%. Used to be 20% was required for Mfg. homes with no foundation only. Can you advise? Thanks
Flag Sat Sep 14, 2013
It depends, if there are local programs in your area similar to the ones in my state you could be eligible for down payment assistance. Find a Realtor you trust and have them introduce you to the loan officer they trust the most, gather up all of your support documents – ALL OF THEM and meet with the LO face-to-face. Yeah, I know, you have a job and taking time off is a pain, compare how much you make an hour to what it could cost messing up a home purchase. It is that important! Take off and meet the LO for an in-depth review. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
1 vote Thank Flag Link Thu Sep 12, 2013
I guarantee you that you can find a lender that can do less than a 20% down payment. FHA loans only require a 3.5% down payment and those are very popular amongst borrowers right now. A zero down on the other hand is going to be tough unless you are a veteran or are seeking a USDA approved loan. In that case you can look into a VA loan or USDA loan that does not require any down payment. Otherwise, it will be hard to find anything lower than a 3.5% down payment because that's already relatively low. Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Wed Feb 19, 2014
There are certain 0% down programs available, but they require that you meet certain guidelines. Some communities have organizations that offer down payment assistance, but what I recommend for my first time homebuyers that qualify is to go with Mass Housing. Their programs end up being much more affordable than an FHA program with 3.5% down, and Mass housing only requires a 3% down Payment. Please contact me for more details. 617-584-0540
0 votes Thank Flag Link Thu Sep 12, 2013
There are zero down but FHA only needs 3.5% and fannieMae has a 3% down program. Call a loan officer. Contact me through my profile.
0 votes Thank Flag Link Thu Sep 12, 2013
The are zero down and low down payment programs. You want to speak with a mortgage broker or local bank to determine what you qualify for. Once you get preapproved find a buyer's agent who will assist you in finding your first home. I would be happy to help you. 781-363-0485
0 votes Thank Flag Link Thu Sep 12, 2013
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