Home Buying in 89429>Question Details

Laura, Home Buyer in Silver Springs, NV

Is there any other way to buy a house without a 20% down?

Asked by Laura, Silver Springs, NV Thu May 17, 2012

I live out of state right now but plan to move to Nevada and would love to buy a house first so I have some where to stay when I get there. But I have to spend most of what I have saved for moving. I have good credit but no down payment. Is it possible to buy a house without down payment? I have been at my job for over 2 years and will be transferring so I will have a job when I get there.

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Hi Laura,

As already mentioned, the no money down USDA mortgage is a great option and the good news is Silver Springs is an area that's eligible for it. The only other concern is whether or not you qualify under the county income limits.

The other great thing about the USDA mortgage is it gives you the ability to roll your closing costs into the loan as long as the appraised value supports it AND the monthly mortgage insurance is substantially lower than an FHA or conventional loan.

Since you're transferring, it will make it easier for you buy and move but you'll be required to occupy the home within 30-60 days from closing.

Please feel free to contact me for more information or help. You can also find more information by clicking the link below to my personal USDA mortgage website.

John Burke
Senior Mortgage Banker
ENG Lending
1 vote Thank Flag Link Thu May 17, 2012
Mr. burke?I went there clk'd on 'find a loan'nd nothing happened.Rural development loans? Are those for first timers and extreme low inc.?
Flag Fri Jul 13, 2012
Nevada has several low down payment options please goto http://www.workforce-resource.com/eligibility/consumer?w=Cus…

Answer 8 simple question and the site will give you a list of possibilities.

Chance Gates
Realty World Ballard Co
145 Brinkby
Reno NV 89509
0 votes Thank Flag Link Thu May 17, 2012
Congratulations on your move and job transfer. Contact a mortgage broker in your new hometown or your bank if they loan in the new location. Besides the 3.5% FHA and the USDA loans, there are some bank owned that qualify for Home Path loans with only 3% down.
In todays market, it is usually less expensive to own than rent. Go for it!!!
0 votes Thank Flag Link Thu May 17, 2012
There are lots of options including an FHA backed mortgage with only 3.5% down and even USDA loans with 0% down. Talk to a local mortgage banker and see what can be done in your particular set of circumstances. Now is a GREAT time to buy a house, don't let the opportunity pass you by.
0 votes Thank Flag Link Thu May 17, 2012
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