Home Buying in Brooklyn>Question Details

Helen, Home Buyer in Brooklyn, NY

As a first time home buyer, are there any 100% mortgage I can apply for since I have no money for

Asked by Helen, Brooklyn, NY Wed Aug 20, 2008

downpayment? I am sick of renting and also would like to know how much house I can buy if I want to keep my budget within $2000?

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There are several programs which the answers below described. However, if you have no money for a downpayment then be very cautious about buying. Sure they can finance you up to 97% on an FHA, and there are grants, but keep in mind that there are closing costs and common charges on a monthly basis to take into account. And what about life circumstances? If you lose your job, or someone falls ill and you can't afford to pay the mortgage, do you really want to go through a foreclosure/bankruptcy process. It's just my two cents but I really disagree with the notion of buying anything if you have nothing at all set aside. This will likely be the most important and largest financial decision you will ever make. If you're really sick of renting then consider moving to a cheaper place and putting some money aside for a downpayment, or an emergency fund in case you do make a purchase. I've just personally seen too many examples of people who are "sick of renting" that find themselves in a hole about 7 months later.
2 votes Thank Flag Link Fri Aug 22, 2008
There is a 100% program its called Ameridream, but being congress passed this new bill about abolishing all 100% programs, as of oct 2008 it will no longer be available.
Web Reference: http://www.OurNJhouse.com
2 votes Thank Flag Link Wed Aug 20, 2008
there are not alot of no money down programs if any. your best bet is tio contact a trusted mortgage broker and look into an FHA with an assisted downpayment program or grant. FHA works with most State housing authority to offer such programs. You can try to contact the Ny housing authority or the department that handles housing, it may go by another name. Good luck with your purchase.
Web Reference: http://www.ScottSellsNH.com
2 votes Thank Flag Link Wed Aug 20, 2008
It is highly unlikely you will get 100% financing. 97% financing is available but 100% is pretty much obselete. If someone tells you thatthey can do 100% financing then get ready for a roller coaster ride and just end up being denied for whatever reason they decide. If you want to keep your mortgage, taxes, and insurance under 2k then you shouldnt be looking for anything more than about 250k max. Save up at least 5-10% before you even consider buying anything. Of course youre going to have to document that you make enough money to support your monthly obligations. sunny_hong@countrywide.com
0 votes Thank Flag Link Fri Aug 22, 2008
Tony Auffant - 631-241-4366 - Senior Mortgage Consultant.

They have A TON of options out there - email me or call me 631.831.9048.

If you've got $1000 to pay your attorney fee - we can do it. FHA loan - 30 year fixed.

In keeping with your $2000 max monthly payment - your price range will be limited. In Brooklyn - probably no chance. Move toward Nassau or Suffolk - and your options will open up.

Employment history - what's your job status and how long have you been there. Very important question. Call me.
0 votes Thank Flag Link Wed Aug 20, 2008
The best person to speak with is a mortgage broker...if you are looking for a recommendation, please contact me offline at Gail@GailGladstone.com...I have a very accomplished broker I work with; she handles my clients and my family.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Wed Aug 20, 2008
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