Home Buying in Riverside>Question Details

Elaine Stewa…, Renter in Riverside, CA

Thanks for all the answers on my previous question. Here is another one. Does the FHA allow zero down of do you have to come up with a down payment ?

Asked by Elaine Steward, Riverside, CA Tue May 28, 2013

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9
Well, CalHFA is .5 % down. You can have the seller pay your closing costs or we can cover those by raising the interest rate.

It is hard to get an offer accepted with one of these as they are notorious for closing late.
0 votes Thank Flag Link Mon Jun 10, 2013
The lowest down payment requirement for ANY FHA loan is the CHF Platinum Program. It is the only true CA Grant Program that does not require the borrower to repay the Grant. Other than the CHF, I am an approved Loan Officer with the County of Riverside for the FTHB and NSHP, but as of today, those funds are exhausted. Please click on the link below for further information.

Best of Luck!

http://www.trulia.com/blog/george_raymondo/2011/08/californi…
Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Thu Jun 6, 2013
I have been hearing that last January HUD came out with list of proposals nd potential measures in order to make up their losses related to their FHA program,, one of HUD’s proposals was to increase the down payment percentage on loans over 625,500 from 3.5% to 5%, but HUD has not officially made the announcement on this happening ...has anybody heard anything?
0 votes Thank Flag Link Tue May 28, 2013
There is no -0- down FHA mortgage program. As has been pointed out, you can receive gift funds for your down payment. There is also the issue of closing costs. There are other programs for which you may qualify that might provide you the ability to buy with very little of your own cash. I suggest that you talk to an experienced local mortgage professional to find out what is available in the area in which you are interested in buying.
0 votes Thank Flag Link Tue May 28, 2013
...You need to put ONLY 10% down to avoid PMI for purchase price up to $830K
0 votes Thank Flag Link Tue May 28, 2013
Elaine,

Have you inquired about qualifying for one of the many down payment assistance programs that work with FHA or Conventional financing?

If interested, I can also show you parts of Corona and Riverside that are eligible for 100% USDA financing (no down payment needed).

read the web link below for assistance info.
0 votes Thank Flag Link Tue May 28, 2013
You have to put down at least 3.5% down to get a loan. You need to put 20% down to avoid PMI.
0 votes Thank Flag Link Tue May 28, 2013
You must have some type of down payment. No FHA 0% doewn that I'm aware of.
0 votes Thank Flag Link Tue May 28, 2013
FHA requires a minimum 3.5% down payment, although you can get a gift from a relative for this.
0 votes Thank Flag Link Tue May 28, 2013
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