Home Buying in 45459>Question Details

sabrina.hamm…, Home Buyer in 14021

Wanting to buy a house but concerned about not being approved and not having a down payment?

Asked by sabrina.hammond228, 14021 Wed Jan 1, 2014

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6
Sabrina, One way around the down payment is a Rural Development loan. With the seller paying closing costs, it is one of the few, if not the only "no money down" option. Location specific.
0 votes Thank Flag Link Wed Jun 4, 2014
I have a few names of some great loan officers that can help you get pre-approved and set you up with a plan to increase your credit score! Just let me know if you would like their information.
0 votes Thank Flag Link Thu Mar 13, 2014
I would start with your local bank. They have information on your financial history and can help advise you how to move forward. Then I would talk with a couple "direct lenders" or mortgage only companies out there that can help.
0 votes Thank Flag Link Thu Jan 2, 2014
Hi Sabrina! Mortgages and home buying....let's be honest.. it is pretty frightening. It's one of the biggest investments you can make so it's understandable to be nervous. To ease your concerns, look to work with someone you feel comfortable talking with. Someone who will take the time to help walk you through everything, even to the extent that if you don't qualify now, helping you and guiding you to be in an eligible position as soon as possible. I could go on and on about what it takes to qualify and things we're looking for but there are a lot of rules and guidelines depending on each applicant's specific circumstance. To make matters even more confusing for you.... each lender you talk with will have different requirements depending on the loan programs they offer. For example I can lend down to 530 credit scores where as most are 640 and few go down to 580. It's a lot more than just a score to qualify. I'm using that as one major difference between different loan officers/lenders. So far as down payment. There's ways we can work with you there too. Here's a few ideas: USDA Rural Housing (620 score required) allows for those that meet income and property eligibility requirements to obtain 100% financing; VA (620 score required), if you're a veteran then your benefits would allow up to 100% financing; FHA (down to 530 score; reserves may be required depending on score and situation). On our FHA product if you have
0 votes Thank Flag Link Thu Jan 2, 2014
Hi Sabrina:

I would be happy to walk you through the process and answer any questions you have. You can call me anytime at (937) 317-0770 or you can email me at buydayton@gmail.com. I look forward to hearing from you... Hope you had a wonderful New Year's day!

===================
Heather Simmons, Realtor
Realty Central
Phone: (937) 317-0770
Mobile/Text: (937) 219-3668
Email: buydayton@gmail.com
http://www.HeatherSimmons.com
0 votes Thank Flag Link Wed Jan 1, 2014
The best thing you could do is talk to a good local mortgage banker, someone local that specializes in writing mortgages rather than a big bank, and find out exactly where you stand. There are still mortgages that have a zero down payment option (USDA) and FHA loans only require 3.5% down.
0 votes Thank Flag Link Wed Jan 1, 2014
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