Home Buying in White Plains>Question Details

Liliana Pati…, Home Buyer in White Plains, NY

i want to purchase a house but don't have any money at the moment. what can i do ?

Asked by Liliana Patino, White Plains, NY Wed May 2, 2012

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Keep in mind that FHA loans do require 3.5% down; however since you state that you don't have any money, it may be a good idea to save up. When it comes to mortgages, keep in mind that lenders have their income v. debt criteria for qualifying for the amount of a mortgage—oftentimes requiring that housing costs are not in excess of one-third of gross income in addition to a stipulated income v. overall debt-ratio. What lenders don’t know are borrowers’ non-debt spending habits, present and anticipated. You, the borrower, need to consider the economic factors of your lifestyle that would impact on your individual comfort level of affordability. A mortgage outside your budgetary constraints can dramatically alter your overall living conditions.
1 vote Thank Flag Link Wed May 2, 2012
it's going to be very hard to buy a house with no money. If you have very good credit, you might be able to arrange for a 3.5% down fha mortgage, but you will also need closing costs. Talk to a local broker who can assist you in you endeavors.
1 vote Thank Flag Link Wed May 2, 2012
If you are a veteran you can look into a VA loan that requires no money down. If not the only option I am aware of is a FHA loan with 3.5% down.
0 votes Thank Flag Link Thu May 3, 2012
Lilliana - there are a handful of ways that you can get 100% loans. But if you haven't been either fortunate enough, or disciplined enough to save up some money by this point, buying a house would be a mistake, in my opinion.

Homeownership is fraught with many unknown, unforeseen expenses. They are ongoing and constant... from landscaping, furnishing, repairs, taxes, insurance... oh the list goes on and on. Even though you can likely get a 100% loan, until and unless you can manage to save a fair percentage of the purchase price... I'd consider renting, or living with relatives, your best option.

Good luck.
0 votes Thank Flag Link Wed May 2, 2012
Alan May, Real Estate Pro in Evanston, IL
MVP'08
Contact
Hello, There are Grant companies as well as FHA possibilities. Your income, credit and job stability will be needed as well. Best of Luck!
0 votes Thank Flag Link Wed May 2, 2012
Check out http://www.wroinc.org, they may be able to provide answers or help.
0 votes Thank Flag Link Wed May 2, 2012
Depending on the type of hoome that you are seeking - you can apply for a FHA loan.


Community Housing Innovations currently has one program available to provide down payment assistance to first-time homebuyers.

"Westchester Local Home Purchase Program"

This Program offers up to $30,000 of acquisition funding in the form of additional down payment and/or closing cost assistance.

http://www.chigrants.org/w_grants.htm

Kenneth Díaz • Associate Broker
• Office: 914 798 9132 • Cell: 914 523 5548
0 votes Thank Flag Link Wed May 2, 2012
Hi, Save money and then buy the house...if you are looking to do 100% financing you will have to speak with a bank or mortgage broker to see what your options are, if any.

Chris
0 votes Thank Flag Link Wed May 2, 2012
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