Home Buying in 19120>Question Details

Brenda Rivera, Home Buyer in 19120

this is my first time thinking on getting a loan to buy a house for me and my daughter. how do i get the down payment to buy a house on this site.?

Asked by Brenda Rivera, 19120 Mon Jun 9, 2014

Help the community by answering this question:


Hi Brenda,

Owning a home is a very rewarding feeling. However coming up with the down payment can be tough for some people. My advice to you would be to contact a local lender to see what you qualify for and to see the different loan programs they offer. There are some 100% financing programs out there that might work for you.

The best of luck to you.

Jessica Aggson
(Recently featured on HGTV's show House Hunters)
Re/Max Parkside Real Estate
0 votes Thank Flag Link Mon Jun 9, 2014
You get the down payment by scrimping and saving your money! Buying a home costs money -- you have to have money for a down payment, closing costs, inspection, appraisal....then after you buy it....costs for maintenance and repairs. I always question people who have no money if they really think they should be taking on this huge expense and huge responsibility.

You should sit down with a local lender who can look at your financial info and see what you can qualify for. There may be a down payment assistance program in your area -- but oftentimes that comes as a 2nd mortgage, with a higher interest rate. If you're a vet, you could apply for a VA loan that has a zero money down option. If you want to live in a rural area, you can try for a USDA loan that requires only $1000 down. Other than that, you're looking at 3.5% down for an FHA loan. Good luck to you.
0 votes Thank Flag Link Mon Jun 9, 2014
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