Home Buying in La Mesa>Question Details

Tom Dressel, Home Buyer in El Cajon, CA

I am looking for a 0 down loan to purchase another piece of property. I own my current home outright and do

Asked by Tom Dressel, El Cajon, CA Mon Aug 4, 2008

not want to use any equity on the new purchase. We make 160 with a credit scrore about 716.

Help the community by answering this question:


There are only a few ways to go zero down now. If this new property is owner occupied you can do a 97% FHA mortgage and have the seller credit you the 3% down through a HUD approved down payment assitance program that will gift you the 3%. But the recent congress housing bill is attempting to outlaw seller paid down payment assitance, so that may not be available.

If you are a veteran you can get 100% financing through VA.

There are many other NON seller paid community down payment assitance programs where I can structure zero down, but your income is too high and excludes your from those.

But even if you can't do zero down, 3% down is still very good.

Give me a call if you'd like to discuss more of your options.

Warm Regards,
Rob Chomentowski
Sr. Loan Officer
1 vote Thank Flag Link Mon Aug 4, 2008
If you are trying to buy a rental or second home it wont work. You will need at least 10% down. 100% financing is tough to get anymore.
Web Reference: http://GetPrequalified.com
0 votes Thank Flag Link Tue Aug 5, 2008
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