Home Buying in Queensbury>Question Details

Adirondacgirl…, Home Buyer in Q Merchants, Omaha, NE

Money down requirement

Asked by Adirondacgirl Xi, Q Merchants, Omaha, NE Tue Mar 5, 2013

Can a 200k home be purchased with no money down when credit score is 720 and annual income exceeds 100k?

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Answers

2
Hi Adirondacgirl,

Generally, any 0% down programs are going to have special requirements - either you fall below a certain income level or are a qualified veteran (VA loan). If not, then you could look at FHA (3.5% down) or a conventional 3% down loan.

One good benefit is that FHA allows the use of gift funds to purchase a home. You could get a gift from a family member to assist you with things.

If that is not an option, then I would recommend holding off a few months and saving some money. If you make over $100k per year that shouldn't be too difficult. If it is too difficult then I'd advise you to meet with a housing counselor about setting a household budget so that you can put yourself on the right track.

Hope this helps!
Tony
0 votes Thank Flag Link Tue Mar 5, 2013
Hello Adirondack girl and that's a good question. One for your mortgage person who will consider all of your criteria and give you the best advice of where to go. It all depends on the type of mortgage you use. There is a FDA mortgage that requires no money down, but you will not qualify with your income and it is area sensitive, Queensbury does not qualify. FHA mortgages require 3.5% down and PMI that is increasing in April. I can give you some names of good mortgage people, contact me at cbruno@prudentialmanor.com
0 votes Thank Flag Link Tue Mar 5, 2013
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