Home Buying in 91320>Question Details

Pat Baker, Renter in Newbury Park, CA

is there anyway a first time buyer..with good credit..can buy a house with nothing down?

Asked by Pat Baker, Newbury Park, CA Mon Oct 17, 2011

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Tina Hare’s answer
You should definitely talk with my mortgage consultant Planatek Financial. They are honest and get great rates. They love working with first time homebuyers. Tell them I sent you. http://www.planatek.net
0 votes Thank Flag Link Mon Jan 14, 2013
Hi Pat, With the FHA loan requiring only 3.5% down and a decent first time buyer home being available for around $350,000 in your area, that's just 12k down. You can ask the seller to help with the closing costs if you structure it into your purchase agreement that way. If you have good credit, I am guessing that you have a nest egg or you could tap a very low interest cash advance or you could ask a family member for help with that down payment money. If you dont have a nest egg, dont have family you can ask for help and dont have the credit to access low interest borrowed money, I have to say that I dont think, in all honesty, it's the right time for you to purchase a home.

Sometimes we get so caught up in the importance of homeownership, that we forget that the foundation of the home is no less imporant than the strong and solid foundation of our ability to own a home. Homes have problems, they need fixing, we run into trouble with our health and with our jobs. You should have a good 6 months emergency living funds stashed away, and ideally about a 10k homeownership safety net for repairs. Otherwise, you might find your good credit, a valuable asset, slip away.

When/If you are in the right financialc condition for homeownership, I would be happy to assist you in getting started.
Web Reference: http://www.ConejoLiving.com
0 votes Thank Flag Link Mon Nov 14, 2011
Pat ~

This is an excellent question. Although I have not been involved personally with this program, I have heard about Trio Equity: http://www.trioequity.com/index.html Their website states Trio is smart financing for today’s uncertain times. Built for today’s changed housing market, Trio takes the best features of renting and owning and combines them into a flexible yet secure way to live in your new home. No other type of real estate financing lets you choose where you want to live and provides you long-term fixed payments without the risks or costs associated with traditional mortgage financing. I hope this helps. (No endorsement intended) ~ Good luck!
0 votes Thank Flag Link Mon Oct 17, 2011
Pat,

As the other MLO's mentioned, the only 100% financed loan programs are VA and USDA. I am including a linki below on the USDA eligible areas here in Ventura county as well as Los Angeles county. There are a couple of down payment assistance programs as well that require as little as .5% down to 3.5% down. If you would like more info on getting approved for these loans in order to purchase a home here in Ventura county or in Los Angeles county, please feel free to contact me.
0 votes Thank Flag Link Mon Oct 17, 2011
There are a few different 1/2% down payment loan options and most people don't know they exist, but they are available for all Californians and on one of them you don't have to be a first time homebuyer either. Check out the below link for more info.
0 votes Thank Flag Link Mon Oct 17, 2011
Hello Pat,

Yes, the only way to get 0% down is on a VA loan. If you're looking for another option that is close to 0% down, consider a homepath loan at 3% down payment. You should see if a loan officer can give you an estimated closing cost worksheet for these options so you can see what the costs would be for all these types of loans. Best of luck to you!

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
Cell: (310) 995-0975
mabram@firstcapitalmtg.com
0 votes Thank Flag Link Mon Oct 17, 2011
Pat there are 2 common loan programs the first is VA which is no money down but requires you to be a vetran, the other is USDA which the property and the location must meet certain criteria which is also no money down. FHA is only 3.5% down,.... The best bet is is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgages that you may quailify for and what their cost is.

http://www.trulia.com/blog/scott_godzyk/2011/08/how_do_i_kno…


PLEASE SEE MY BLOG FOR A FULL LIST OF TIPS AND ADVICE ON GETTING A MORTGAGE
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Oct 17, 2011
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