If you're still looking and not working with another Realtor, I'd be glad to assist! Feel free to contact me.
Prudential Starck Realtors
As mentioned in the previous post, there are down payment assistance programs available for qualified borrowers. The key is "qualified borrowers." If you are exploring the idea of purchasing a home without a down payment, the first thing you should really do is contact a lender so your full financial picture can be asseessed. If you'd like more info on down payment assistance just check out this link, http://www.box.net/shared/goif6kzajz
it gives the basics. Call me if you have further questions.
Contrary to almost ALL the previous posts....you still can obtain a loan without a down payment. There are several options including VA (if you are a Vet), USDA (for rural areas), and combining FHA with a down payment assistance grant. FHA also has a $100 down program for buying their foreclosed properties. A gift from a relative is also allowed.
There are options. I'm surprised no other lenders have responded. Unfortunately, you've been reading wrong information from people who are not very educated on mortgage products, or can't think outside the box. Email me if you'd like more info. Good luck Becky!
You may be interested in contacting Kathie Gossett, Branch Manager of First Midwest Bank in Crystal Lake, IL 60014 (815) 356-2118, or Shawn Blaha, (773) 714-6201 also First Midwest Bank Branch Manager at the Higgins Rd. Location. Both have programs to help you get your credit in order and help with a planned system of saving. Opportunities will be there for you in 2012. P.S. Even if your credit is in order, they can let you know how good your rating is.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Lenders have become reluctant to accept people with no cash in the bank committing to a 30-year loan obligation. Call them crazy, but they really want to see some evidence of financial stability in their borrowers - like good credit histories and the ability to sock away a little cash now and then.
While there are programs to assist troubled borrowers become homeowners, the fact is that they will still be in a precarious financial position - it's one thing if you have to borrow $100 to cover the rent one month, it's another thing if the furnace dies while you're spending the weekend at Mom's and you come home to burst pipes - insurance will help, but it won't really make you whole. And it won't pay first.
All the best,
Not having a down payment is part of the problem. Also lenders consider job history, consistent earnings and debt to income ratio. IF you have good credit score, job history and income, but lack the down payment, have a co-signer family member help you qualify for a loan. 3.5% is the minimum down unless you are a veteran, then 100% financing.
Depending on the price range your in and we don't know the market in IL but if you can find a home say around $100,000 then you would need 3,500 for a downpayment FHA loan and that money you could also get from a relative but it couldn't be a loan it must be a gift. Hope this helps.
All the best
Dave & Lisa
If there is a will, there is a way. And if you want to own a home, find a way and make it happen.