Home Buying in Walker>Question Details

Jane, Home Buyer in Walker, MI

can i buy a home with no down payment?

Asked by Jane, Walker, MI Thu Feb 24, 2011

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Answers

7
0 down payment is "thing of the past" you will be required have at least 3.5% or more down payment

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Tue Mar 1, 2011
Basically the only way you are going to be able to buy a home without a down payment is if you are a veteran or if you are looking to buy in a designated rural development area. If you have certain hardships or needs, you may be able to find a program to assist you with a down payment, and for a FHA loan, the minimum required down payment is usually just 3.5% I hope this helps.
0 votes Thank Flag Link Tue Mar 1, 2011
Jane,
There is a program available that would allow you to purchase a home without a down payment, that program is called rural development. There are 2 requirements to qualify for the rural development program, first, the home has to be in a rural area. I could provide you with a web site to type an address in and see if the home qualifies. Secondly, the borrowers have to qualify income wise, what that means is, the household income can not be over the county maximum. Which in most cases is around $72,500 dollars per year. You will notice I mentioned household income, what that means is all individuals in the home 18 or older and working would have their income counted toward the $72,500 number. If you have any questions please contact me, I am a Mortgage Broker and live in Walker also.

Thank You,
Jim McDonald
616.604.4668
0 votes Thank Flag Link Fri Feb 25, 2011
Hi Jane,
I'm a local agent with Five Star Real Estate and I would love to sit down with you and discuss your unique situation and how I would be able to best help you towards being a home owner. There are certain steps you need to take that will put you in the best situation to buy.

Give me a call or email me and we can talk about getting you on the path to home ownership.

Thanks again,
Linda Kiel
616-889-6515
hlkiel@allcom.net
0 votes Thank Flag Link Fri Feb 25, 2011
As a real estate professional in Michigan I am frequently asked about down payment assistance in purchasing a home. People out of state are usually not aware of assistance available in Michigan.

A good place to start looking for help is your local MSHDA office. This state agency has helped many clients by providing down payments on homes.
The Michigan State Housing Development Authority, provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing.

http://www.michigan.gov/mshda

for real estate questions, check the web site below, or contact:

Chip Andis
Cell (248) 931-0084

Chip@Realfi.com

REALFi
REAL ESTATE AND FINANCE IN ONE
34 S. Telegraph Rd
Waterford, MI 48328
Office (248) 886-0000
0 votes Thank Flag Link Thu Feb 24, 2011
Probably not. Why guess? Speak with a lender and if you dont know of any local lenders try your bank as you already have a professional relationship established. A lender can sit you down, show you where you are at, what you are pre-approve for, show you mortgage calculator and etc. They can review the different options available to you but sincerely doubt you can buy a house with no money down.

Start saving, anything worth having is worth working towards.

Spirit
0 votes Thank Flag Link Thu Feb 24, 2011
If you are a military member you can utilize a VA loan or if you live in a rural area you can get a USDA loan both are no money down loans.
0 votes Thank Flag Link Thu Feb 24, 2011
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