Home Buying in Santa Ana>Question Details

Anthony, Home Buyer in Santa Ana, CA

IS THERE STILL SUCH A THING AS "ZERO" DOWN LOAN IN CALIFORNIA?

Asked by Anthony, Santa Ana, CA Tue Dec 9, 2008

I WAS APPROVED FOR A SPECIAL FIRST TIME BUYER "0" DOWN PROGRAM AND LOAN WAS APPROVED. NOW MY AGENT TOLD ME THAT THERE IS NO MORE "0" DOWN PROGRAM AND THAT I WOULD NEED 3% TO PUT DOWN ON A HOUSE.

Help the community by answering this question:

Answers

5
If you are active military or a veteran you can still do 100% financing with a VA loan or CalVet loan. There are some places that you can do zero down with city and county down payment assistance programs as a silent 2nd, I'm not sure about the City of Santa Ana. Additionally, there is also a special 8% 2nd mortgage that can be had if you meet certain guidelines. We would go a 92% 1st and 8% 2nd, so zero down. This is available in some CA counties, I would have to check on Orange. Email if you would like to discuss further.

Rob Chomentowski
Sr. Loan Officer
rob@affinity-financial.com
858-922-7899
0 votes Thank Flag Link Tue Dec 9, 2008
Dear Anthony,

Also keep in mind that you might be qualified for a HUD home and it needs very minimum for moving in. The only downside with HUD is that there are not that many properties available, so you or your agent has to keep an eye on their web site constantly.

Please feel free to let us know if you have any questions.

Regards,
Jonathan
0 votes Thank Flag Link Tue Dec 9, 2008
Hello Anthony,

The posted statements are correct. Be advised that FHA loans require 3.5% after the first of the year. This downpayment can come to you in the form of a gift, so don't feel as though hope is lost.

You should contact your lender to square up and make sure you know what type of loan you are getting, it might not be a bad idea to have your agent there too.

If you need a second opinion on a loan option, please contact me and I can direct you to a strong lender.

Best regards,

Robert M. van der Goes
(714) 305-2050
vandergoesRE@aol.com
0 votes Thank Flag Link Tue Dec 9, 2008
Tony is right. It sounds like you may have been approved for an FHA loan with some downpayment assistance or something - which was available til about 2 or 3 months ago. Right now the only 0% down loan I know of is VA, which you need to have served in the military to qualify for. FHA no longer allows downpayment assistance, so for now you need to come up with 3%. That gets bumped up to 3.5% Jan 1st, but the down payment can come from a gift from family so maybe that will help.

From one Tony to another, best of luck
0 votes Thank Flag Link Tue Dec 9, 2008
When were you approved for this "special first time zero down program"? Because about six months ago, they were around with Ameridream and or gift and grants but none......those are all gone the way of the doo doo bird,

Talk to your bank or loan officer, they will be able to search for you and tell you what loans are available today.. I believe that the new FHA loan require 3 1/2 percent now. Where are you buying?
0 votes Thank Flag Link Tue Dec 9, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer