Home Buying in Staten Island>Question Details

Diane M, Home Buyer in Brooklyn, NY

can anyone get a no money down loan anymore??

Asked by Diane M, Brooklyn, NY Wed Jul 27, 2011

we have good credit 700 but not a lot of money saved for a down payment.

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10
If you want to move down to the Jersey Shore there are a couple of 100% financing options available for someone with your strong credit score. Good luck on your search, Ron Shaffery RE/MAX New Beginnings
0 votes Thank Flag Link Thu Aug 11, 2011
You should not be looking to rent from the bank if you cannot put a bunch of money down.
0 votes Thank Flag Link Thu Aug 11, 2011
Unless you are a Vet there are no 100% financing options in Staten Island. You can get help though with the down payment. Call Neighborhood Housing Services to see what is currently available.
0 votes Thank Flag Link Thu Aug 11, 2011
No, you can't. 3.5% down payment on an FHA mortgage is the minimum required to secure a loan.
Web Reference: http://www.718forsale.com
0 votes Thank Flag Link Thu Aug 11, 2011
Yes, but it depends. VA, if you are ex-military with benefits, are 100% financing. USDA loans are also 100% financing, but are limited to certain areas designated by U S Department of Agriculture. There are down-payment assistance programs that may pay the 3.5% down payment, but it varies based on income (no, you do not have to be below the poverty level), number of people in the house, and more.

Jack Gillis, M.B.A., J.D.
Jack Gillis Realty Advisors
Nathan Grace Real Estate, Broker
5619 Dyer Street | Suite 100
Dallas, TX 75206
Cell: 214.718.4910
Email: Jack@JackGillisRealty.com
0 votes Thank Flag Link Thu Aug 11, 2011
In addition to what has been said you would want some cash set aside for settlement costs, moving expenses, painting and/or fixing up, furniture or appliances that need replacing and so on. It's also wise to keep some funds "in reserve" as a type of "emergency" fund for times you might find yourself short for your monthly bills due to injury or other circumstances.
0 votes Thank Flag Link Thu Aug 11, 2011
Have you considered an FHA loan, it allows 3.5% down; also see links below for helpful information, also do visit with any loan officer to determine qualification.
http://www.nyhomes.org/AboutUs/SONYMA/
http://portal.hud.gov/hudportal/HUD?src=/states/new_york
0 votes Thank Flag Link Wed Jul 27, 2011
No Money down is the biggest reason why people have gotten into trouble:
That said; yes there may be ways to get in with little or no money out-of-pocket.
You need to talk to a good NY Mortgage person; there may be Grants or Programs to help you. Teachers, Police and Firefighters are popular.

Good luck and may God bless
0 votes Thank Flag Link Wed Jul 27, 2011
There are a few 100% financing programs still available. USDA is one of the more popular loan programs that requires no down payment and also does not have PMI. It does however have specific property and financing guidelines, i.e. there are income limits and the property needs to be in a USDA eligible area (rural area) you can go to:

http://eligibility.sc.egov.usda.gov/eligibility/welcomeActio…

to check out the eligible areas in New York or the state you are looking to purchase in.
There is also the VA loan program for Veterans if yourself or a significant other is an eligible veteran and this also requires no down payment and has no PMI, but that is only for eligible veterans.

Feel free to contact me with any financing questions. I would be happy to help.
0 votes Thank Flag Link Wed Jul 27, 2011
Talk to a local lender about state down payment assistance programs.
0 votes Thank Flag Link Wed Jul 27, 2011
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