Maybe you can get a loan with nothing down. But what do you do when your car loses a transmission and the furnace dies? It is unlikely, but possible. You need to be prepared for such eventualities. You will find some expensive unplanned repairs come up sooner or later.
There is more than just the downpayment when it comes to buying a home. You have closing costs, moving expenses, deposits on utilities as well as contract, upfront inspections. This will also show the lender that you use that you are responsible. Lenders these days want you to have some investment in the home before they give you a loan.
All you need would be about 7K and you can ask the owner to assist in the closing costs.
You and your husband might qualify for a grant. The City of Fort Worth has a grant for 1st Time Homebuyers called the Housing Asst Program (HAP). It will grant you $8,500, $3K which can be used for the closing cost & $5,500 towards your down pymt. It is income restricted where you can only make 80% of the city of Ft. Worth's median income. The home has to be within Ft. Worth city limits as well. You don't have to pay the grant back as long as you live in the home for 3 yrs. It's a great program!
I have included the link for the website for you to take a look at to get more information: http://www.fortworthgov.org/hed/housing/?id=71628
I would love the opportunity to assist you and your husband on finding a new home. I specialize in the sales of brand new homes in the DFW area. Please feel free to call or email me at your convenience.
I look forward to hearing from you soon!
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"Your New Home Specialist"
Cell: (972) 697-1178
Fax: (682) 222-1049
"Providing the Keys to New Home Ownership!"
While there are still programs that will help you in the event you do not have a down payment and there is a great HUD program available that will allow a $100 down payment, your options will only be limited by a lender's approval. A few things working against you at this moment is starting the beginning of April, new regulations will be in effect that increase the minimum Credit Score that you will need in order to qualify for an FHA loan (likely the loan you will qualify for) as well as the MIP of an FHA loan being increased from 1.75 to 2.25% due at the time of purchase. The government is working on making sure that homeowners have at least some investment into to the homes they purchase and the reason for these ever increasing standards being imposed. Even with that said, each personâ€™s situation is different and the only way for a lender or Realtor to provide you sound advice is to make contact with you so they can review your circumstances and let you know what programs may be available and just how much house you can afford with the $1400 payment you require.
My team will be glad to assist you in finding a lender and a home that suits your needs. POlease feel free to contact us for details.
If you are a veteran, you can go VA. If you want a property within the confines of the USDA, then bingo, you're good.
I can put you in touch with a great real estate and mortgage agent to get you a property!