Home Buying in 11751>Question Details

Homebuyer01, Home Buyer in 11751

how to buy a home with no money down and good credit?

Asked by Homebuyer01, 11751 Wed Feb 29, 2012

Help the community by answering this question:


There are several programs, aside from the VA, that would require no down payment. These programs have unique qualification requirements and contingencies. Most of the times these programs involve grants that are designed for moderate to low income families, so your income cannot exceed a certain amount depending on household size, other times they're restricted to a specific town or county, etc. Sometimes they also require you to live in the property for 10-15 years, and if in that time you decide to sell or refinance, you would have to pay back the funds they provided for down payment or closing costs.

You always have FHA, which only requires a 3.5% down payment and doesn't come with any of these other restrictions. I suggest you speak with an experienced loan officer who has these programs available and see which would be a good fit for you.

Good luck, and feel free to email me with any questions!

Javier Meneses
Sterling National Bank
1 vote Thank Flag Link Wed Feb 29, 2012
1 vote Thank Flag Link Wed Feb 29, 2012
It really depends on where you want to live and sometimes work as well. DC has grants that give top priority to people who live AND work in DC. Almost all grants I have ever seen restrict borrowers on income. You have to talk to a loan officer who knows the grants where they live. I would highly recommend against using out of state loan officers to do these grants for you unless they are the FHLB grants which work the same from state to state. No one can be an expert on every grant and loan program out there. Hope this helps and let me know if you need more help.

Brent Mendelson
Senior Loan Officer
1st Mariner Mortgage
Office 240-235-5314
Cell 301-412-0259
Nmls #111407
Lending in ALL 50 states
0 votes Thank Flag Link Tue Aug 19, 2014
In addition to the other answers: Sometimes owner financing. Must sellers will want some sort of down payment. Still, it's negotiable. So, offer either a slightly higher price, a higher than going interest rate, or both.

Or, if you'll have some cash in, say, 6 months or a year, you do a contract with no money down today, but $x thousand in 12 months.

Figure out what you can offer--generally in the way of monthly payments and cash at some point--play around with those numbers until you're comfortable, and start making offers.

Hope that helps.
0 votes Thank Flag Link Tue Aug 19, 2014
Don Tepper, Real Estate Pro in Fairfax, VA
VA or USDA, that's it.
Find a down payment whether it's through a gift from a relative or a loan from your retirement plan
0 votes Thank Flag Link Tue Aug 19, 2014
A lot has changed in the world of mortgages over the last few years. The days of No Money Down mortgages have almost entirely gone. The only option I am aware of where you can still do this is with a VA Loan. This is a type of mortgage that is available only to US Military. Veterans who put a down payment of less than 20% are also immune from PMI (Private Mortgage Insurance) which is also a valuable perq, especially since PMI now exists for the life of the loan.

Just because there aren't a variety of No Money Down options, doesn't mean that you are out of options. There are a great deal of mortgage products out there, especially if you have stable, documented income and good credit. Your best bet is to speak to a reputable mortgage banker (or two) to discuss what your best financial path to homeownership is.

Hope this helps!
0 votes Thank Flag Link Sat Oct 19, 2013
There is still a way to buy a home with no money down! It's called a VA loan and you need VA eligibility after being in the military. If you have VA eligibility I dare say you will know it, otherwise those days are gone.
0 votes Thank Flag Link Wed Feb 29, 2012
Understand that people buying houses where they no (or negative) equity is the primary cause of most of the Foreclosures we have experienced:
Lenders are demanding that Buyer have an Equity stake in their houses.
That said; there are some programs out there to help, particularly First-Time-Buyers.
Most of these programs are Local. Islip may be among them.
Please contact a local Realtor for their expertise.

Good luck and may God bless
0 votes Thank Flag Link Wed Feb 29, 2012

Those days are over buying home with no money down. The minimum downpayment to purchase a home these days is 3.5% with FHA financing.

Barbara E. Nowak
Web Reference: http://www.BarbaraNowak.com
0 votes Thank Flag Link Wed Feb 29, 2012
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