Home Buying in 37174>Question Details

Tiffany Hatl…, Home Buyer in 37027

My husband and I are interested in buying a home, but we have nothing to put down. Is buying a home still attainable?

Asked by Tiffany Hatley, 37027 Fri Dec 17, 2010

Help the community by answering this question:


I work with John Maher Builders, a new home builder in Spring Hill, TN. / Thompson Station TN. that may be able to provide some financial assistance. We work closely with lenders who can answer if you would be a candidate for one of our homes. You can call me or visit my website to view floor plans and included features. Here is a video walk through of one of our many floor plans describing included features. http://www.vanwoody.com/the-kaylee-plan-wades-grove-new-home…

Thank You

van Woody
1 vote Thank Flag Link Sun Oct 20, 2013
Yes. If you're a VA buyer you can get a VA loan with no money down. We just sold one home today to a VA buyer. The seller paid for everything, including closings costs, home warranty and termite inspection.
1 vote Thank Flag Link Fri Dec 17, 2010
What you should look for is whether there are any down payment assistance programs in your area. Also, if you or your husband can qualify for a VA loan, you don't have to put any money down. That being said, if you have not been able to save up any money, think very hard about whether this is the right thing to do. How much are you paying now for rent? Will your payments be higher than that? What other expenses will you have in a house that you don't have as a renter? Will you have that extra money if you have been spending everything you earn now?
1 vote Thank Flag Link Fri Dec 17, 2010
Tiffany, there are some options out there that require no money down or as little as $100 down. If you would like more information I would be happy to help you or share with you some of these programs.
1 vote Thank Flag Link Fri Dec 17, 2010
Your best bet here is to contact a loan specialt at a bank near you. Only they can tell you whats available and if it applies to your case.

Hope this helps and good luck.
1 vote Thank Flag Link Fri Dec 17, 2010
Its a good idea to hook up with a lender you can analyize your situation. There are many programs available -- so much depents on job status, credit rating, etc.
If you are not familiar with anyone -- you could start with you bank -- they may be able to give you insight.....Good Luck!
0 votes Thank Flag Link Mon Feb 9, 2015
There are mortgage programs with 0 down out there. You need to speak with a mortgage originator to see if you qualify for any of those programs. Just remember with 0 down you still need money to set up the tax and homeowners escrow (if the seller pays the rest of the closing costs) and 1 year up front homeowners' insurance.
0 votes Thank Flag Link Wed Jan 2, 2013
There are several options for you still. If either of you are Veterans the VA loan is one of the best out there with no money down and a great rate as well. In some of the rural areas outside the city there are Rural Housing Develpment loans through USDA and in other areas there is the THDA grant program. Some local and regional banks also offer in-house loans for first time buyers that are no money down as well. Some of these are based on income and therefore place a limit on total household income. I have lived and worked in the Greater Nashville area for a long time and I specialize in the South Nashville, Williamson Co, and North Maury Co areas. Please feel free to give me call if you would like to find out more.
0 votes Thank Flag Link Wed Jan 2, 2013
Hi Tiffany,
Well you will need a downpayment. You might be able to save for one if you put aside some money monthly.Often people just starting out will borrow from family, and that is allowed provided your income can cover mortgage expenses. I would recommend you speak with your personal banker who can guide you through the loan process.

Best of Luck to you!
0 votes Thank Flag Link Fri Dec 17, 2010

What you're seeing will not be something that most BANKS know the answer to. Tawny and Robin are right. It may be possible, but you'll have to find a team of people who are willing to find the answers you seek. Start with a good REALTOR in your area that will do research on these programs. Mortgage Brokers will have more programs available for what you're seeking. And as Robin pointed out, if you or your husband has served in the military, a VA loan is a great option.
0 votes Thank Flag Link Fri Dec 17, 2010
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