Home Buying in 07042>Question Details

First Time H…, Home Buyer in Montclair, NJ

what if you have no down payment money or closing costs. Is there a way around this issue?

Asked by First Time Home Buyer, Montclair, NJ Thu Mar 18, 2010

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Some great answers here. I would agree that USDA and VA are the options that closest describe what you are looking for, if those work for you. There are also some down payment assistance programs out there that can make a FHA loan feel like a zero down. Good luck !
0 votes Thank Flag Link Wed Jul 9, 2014
Creative financing is always a possibility , circumstances must be correct for both buyer and sellers , possibilities may include a home owner willing to hold back money as a second or even a first mortgage holder.Lease to own could also be a path toward ownership.Private money lenders could provide a solution as well . Think outside the box to resources which may be close to you that you may never even given thought to.
0 votes Thank Flag Link Wed Jul 9, 2014
If you have absolutely no down payment then it is unlikely that a lender will risk giving you a loan. However, if you are a veteran there are programs that may help.
0 votes Thank Flag Link Wed Jul 9, 2014
The NJ Housing and Mortgage Finance Agency offers a program called LIVE WHERE YOU WORK. The program offers 5% towards down payment and closing cost. It is offered in several area's of Essex, Union, Hudson Counties. That is just one of the many programs that I know of that is being offered to help buyers around the issue of down payment and closing cost.
You may contact me for other programs.

"Your Satisfaction Is Our Passion"

Amania Saluste
Realtor Associate
Mobile: 917-740-5218

Exit Platinum Realty
200 Claremont Avenue
Montclair, NJ 07042
Office: 973-746- 4777
Email: amaniasaluste@gmail.com
Website: http://www.exitinmontclair.com
0 votes Thank Flag Link Fri Dec 6, 2013
Depending on your income and where you wish to work there are home buyer programs run by the county and the state that will grant you downpayment and closing costs. The Essex cCounty Dept of Community Development in Verona, has money for certain areas in Essex County including Montclair, East Orange & Newark have one as well. You wil need to take some classes. I believe you can call Tri City Peoples Corp regarding the classes.
0 votes Thank Flag Link Thu Mar 18, 2010

I'll start there.
0 votes Thank Flag Link Thu Mar 18, 2010
If you haven't visited with any qualified loan officer(s) yet, do consider it--see exactly what your budget can handle before looking at properties--are you looking at properties above your means--again your loan officer can best advise.
0 votes Thank Flag Link Thu Mar 18, 2010
FTHB- Let's see..No down payment ...No closing costs

3.5% Down payment can be a gift and Seller can fund your closing costs...

What about credit score/history?
How about income? Employment history?
0 votes Thank Flag Link Thu Mar 18, 2010
USDA financing is 0%. But they are rapidly (if not now) running out of money. Come fall congress should give them more.

V.A. (veterans only) is 0% down.

Sometimes you can ask and get the sellers to cover your closing costs.

There is also lease to own. Not highly recommended, but might be an option.

The real best way is to save for a down payment. Below is a blog showing some ways to do just that.

Before buying, see if it really makes more sense than renting does. Put your numbers into the blog below.
0 votes Thank Flag Link Thu Mar 18, 2010
First time home
It is going to be a challenge at best. You really need to have something. We have a program here for USDA loans which can be 100% financing and you can ask for closing cost but realisticly, you will have a hard time getting that accepted. Work on saving some money. You also need to see if you qualify, just because you think you can afford it does not mean a lender will agree. You will be able to get good guidance of what you need from a lender.

Good Luck!!!
Web Reference: http://www.di4homes.com
0 votes Thank Flag Link Thu Mar 18, 2010
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