Home Buying in Alliance>Question Details

MrsWhite85, Other/Just Looking in Tallahassee, FL

can you receive a loan for mortgage without putting down a down payment?

Asked by MrsWhite85, Tallahassee, FL Mon Sep 21, 2009

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3
Yes but it would have to be a USDA loan (house will need to qualify) or it would have to be a VA loan (buyer would need to be a veteran). Both are 100% financing. You can also ask the seller to cover your closing costs and part of your down payment.
0 votes Thank Flag Link Thu Jul 31, 2014
USDA Loan is 0% down with a 2% funding fee financed into your loan.The USDA Loan does require that a customer buy in what they designate as a rural area. Any urban or suburban area will not be eligible for financing using this mortgage loan.USDA has an Eligibility website that you can use to determine property eligibility as follows: http://eligibility.sc.egov.usda.gov. You still have to pay for closing costs and prepaids, Ask for a conribution from the seller for up to 3% to help you pay for these.
0 votes Thank Flag Link Fri Aug 2, 2013
Try a mortgage loan professional who knows if you might qualify for VA or USDA.
0 votes Thank Flag Link Tue Sep 22, 2009
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