Question Details

Jasmine, Home Buyer in Silver Spring, MD

Is it possible to pay no down payment, if I want to own a house?

Asked by Jasmine, Silver Spring, MD Tue May 12, 2009

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2
Jasmine,
The only 100% financing I know of is VA, USDA and a state program here in California for specific REO properties. Otherwise your next option would be FHA.

Micki
0 votes Thank Flag Link Tue May 12, 2009
Hello Jasmine,

The days of 100% financing are gone. If you're are interested in buying a home you should have a minimum of 5% down, unless it's an FHA loan then 3% for your down payment. If you have more for a down payment then even better. However, if you currently do not have a down payment then I would recommend that you wait for a year and save your money for your down payment. That way when you buy your home you will be in a much better position and will not be working just to make your mortgage payment. Best of luck!

Matt
0 votes Thank Flag Link Tue May 12, 2009
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