Home Buying in Florida>Question Details

Pascal Donne…, Other/Just Looking in Vero Beach, FL

can i purchse a home without any down payment?

Asked by Pascal Donnelly, Vero Beach, FL Tue Sep 25, 2007

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Pascal:
There are many low and no down payment programs available as stated before. If you are looking in Hillsborough County, try the link below particularly the HOME and SHIP programs. Most programs will require you to have some of your own funds, but in the current market there are many sellers willing to contribute to closing costs.
Hope this helps
1 vote Thank Flag Link Tue Sep 25, 2007
Even before the days of easy mortgages, there were no down payment plans. They are still offered, but with greater selectivity and increased documentation.

FHA also offers low down payment option. VA loan, if applicabale to you. Grants through programs such as Nehemiah. Some of the larger banks do have loan programs for no down payment for select groups.

Realtors can often recommend loan officers who have knowledge or expertise in certain areas or types of loans.
1 vote Thank Flag Link Tue Sep 25, 2007
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
Contact
In theory, yes. FHA loans require a 3% down payment and closing costs are approximately 3% of the purchase price. So, you need 6% to purchase a property. Good news is that FHA allows up to 6% contribution form the seller or receipt of a gift for that amount. If you would like more details on this tyoe of loan, please feel free to contact us at: rochateam.realestate@gmail.com.
0 votes Thank Flag Link Mon Jun 9, 2008
If you live in an area that is not deemed a declining market by fannie mae you can. You can also get down payment assistance through ameridream.

http://getprequalified.com/article/105056/fha/what_is_amerid…
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Sat Jun 7, 2008
Yes two programs are available that works with FHA American Family Funds and Ameridream.

Both require that your agent negotiate a contract to purchase that provides for the Seller to pay all closing cost up to 6% and the seller to make a 3% contribution to the Ameridram Program or the American Family Fund gift program (Much easier to do in today's market)

American Family Funds, Inc is the administrator for the Dove Foundation, a 501(c)3 Non-profit charity that provides down payment assistance and/or closing costs that do not have to be repaid!

1. After pre-qualifying for a loan, select a home and make an offer contingent on the use of The American Family Funds Down Payment Gift Program. The average gift is between 3 and 5 percent of the purchase price.

2. The seller must accept the offer and agree to pay a fee($350) to American Family Funds,and make a donation of the 3% or 5% to the Down Payment Gift Program from proceeds of the sale. This fee is applied to the Dove Foundation's gift pool.

3. American Family Funds makes the gift available at the time of settlement, and the funds are applied to cover your closing costs and/or downpayment obligations.

Ameridream Program


Contact a lender and get a pre-approval letter for a loan that accepts gifts from AmeriDream.
Choose a real estate professional and begin your home search
Find the home you’d like to purchase
Make an offer on the home
Once the contract is ratified, your lender will submit a gift application on your behalf to AmeriDream.
The Homebuyer will receive a notice of gift approval from AmeriDream.
Go to closing.
Lenders and real estate professionals will explain the home buying process to buyers, as well as the AmeriDream’s Downpayment Gift Program.

Buyers will need to be qualified for a loan that accepts gift funds, such as an FHA or conventional loan. Interested homebuyers should contact a lender or a real estate professional to begin the down payment assistance process.

Links to the program web site

http://www.ameridream.org/
http://www.americanfamilyfunds.com/

Cathy Sloan
RE/MAX Specialists
Jacksonville, Florida
Web Reference: http://www.cathysloan.com
0 votes Thank Flag Link Mon May 19, 2008
Absolutely. Fha will handle this no problem.
0 votes Thank Flag Link Mon May 19, 2008
Yes there still are 100% financing programs out there. Fannie Mae still has a 100% loan that does not require perfect credit. They do require that you put at least $500 towards the closing costs and the seller can pay up to 3% of the purchase price towards closing costs. The rates are typically a little higher than those on loans with some downpayment but maybe on .25% more.
0 votes Thank Flag Link Fri Jan 11, 2008
A lot of the bigger mortgage companies still have 100% financing. I know Wachovia has community programs that allow you go up to 120% if you are able to get a grant for the extra 20%. They also have a 95% stated income loan.
0 votes Thank Flag Link Thu Sep 27, 2007
Pascal,

Yes you can purchase a home without any down payment. There is a rural housing loan (see link below) that is 100% financing. Many many years ago I used to help buyers get into homes with $300 which was for the appraisal. It can still be done. Also, as others have mentioned VA loans are 100% financing. Nehemiah and other non profit programs also offer 100% financing. Don't forget that occasionally a seller will be willing to hold a 20% second mortgage. If the bank will give you 80%, you are ready to go.
0 votes Thank Flag Link Wed Sep 26, 2007
Pascal....

To piggy back on what has been said your credit report would need to be crystal clean with a high credit score and low income to dept ratio. Good luck.
0 votes Thank Flag Link Tue Sep 25, 2007
Pam Winterba…, Real Estate Pro in Danville, VA
MVP'08
Contact
If you're a nurse, a police officer, a public employee, then perhaps with Wells Fargo. It's still dependent on other factors such as your credit rating and debt to income ratio. You need to speak with a few different lenders to truly determine if you qualify for any loan programs.
0 votes Thank Flag Link Tue Sep 25, 2007
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