VA and FHA VHDA Plus loans are 100% loans. If one does not qualify for those there are options available such as the 3.5% down with FHA. On a $200,000 home that would only be $7,000 down. Keeping a savings account stuffed is always a good idea even when ones not looking to buy a home, but in the instance when you are buying real estate it comes in handy when you don't qualify for a 100% loan. Know your credit scores and keep them above "good". Buy when you're ready and not when the television says to! Yes now is the time to buy BUT only if you can afford the mortgage, insurance, condo fees,etc.
Hope I've helped and Best of Luck to you!

Appreciatively yours,

Samantha Jenkins
Native American Group Realty
757.513.8900
Sam@Samantha-Jenkins.com http://www.Samantha-Jenkins.com

um...save??? perhaps. what would be done in any other large purchase agreement?

Save save save. Buy when you can financially afford it in your own mind, not when a broker says you can. Having extra money down helps with your rate, your payment and your piece of mind if the market sours. There are grants available to low income earners to be able to purchase, but you would be looking at the less than desirable properties on the market, ones in the lower price range.

Kay there are still options available such as 3.5% down with FHA. What program you can qualify for all depends on your credit score and financials, the onle way to know is to meet with a local and trusted mortgage broker, stay away from the internet lnders. they can then prequalify you at no cost and let you know what programs are available to suit your needs. If you do not have any savings you may want to consider a lease purchase that will allow you to get credit for the rent you pay. good luck with working things out

The fact this kind of question is even asked shows how out of whack the mortgage industry was/is.

It also shows either; 1. Housing costs are too high to be affordable for a lot of people, or 2. People are simply trying to buy more house than than can afford.

Hi Kay, realize that they did away with the DPA programs to benefit the economy. They found that those who had no vested interested (their own money down) had a higher foreclosure rate than those that did. As the others mentioned below, there are still very few options without at least 3.5% down (FHA). VA and VHDA still have 100% available. Look at it from a lenders perspective, if someone wants to buy a $250k home and they don't at least have the $8750 down, it shows a lack of availability for saving. Homeowner's will tell you that emergencies and unexpected events happen all the time with a home. Believe me, as a mortgage broker, a part of me wishes they were still around so I can have the extra business, but another part of me knows that its for the overall good of the economy. So to answer your question - save some money, or get gift funds from a family member...or give me a call to see if you qualify for any of the other programs.

Depending on your income and meeting certain qualifications, there are still a few programs out there... Including this one in Norfolk: http://www.nrha.norfolk.va.us/programs_services/homeownershi…

Kay,

That's a question many Realtors are working to address for our buyers now that they've gotten rid of the down payment assistance programs. Those programs though were removed because of the amount of foreclosures currently. After review, lenders and govt. realized that many that were being foreclosed upon had no money invested in the transactions to lose and because of the loses, many banks have tightened up their guidelines to further prevent future loses. But, we (agents and realtors) are working hard to push to get some of those programs back on board/approved as I used them 3 times last year for some of my buyers. Heresay is that it's being reviewed..perhaps everyone pushing can bring some of the programs back.

On a positive note..there are still no money down programs still available though if you qualify. VA eligible can buy a home with no money down and the FHA VHDA still has a 100 plus loan if your income doesn't go over the limits. You can also receive monies as a gift from a friend or family to put down on a home. My lenders have all the current amounts, guidelines if you want additional information.

As with anything, there is always a way to make things happen.. We just have to be more creative now than we used to be. This is where hiring a good lender and Realtor for your next home purchase will be crucial and planning out how to make it happen.

Let me know if you need additional help..

Lisa Burrow
Realtor,
ABR (Accredited Buyers Representative)
ASP (Accredited Home Staging Professional)
Remax Allegiance
Virginia Beach, VA
757-650-9560