Home Buying in Sterling>Question Details

Abike, Both Buyer and Seller in Vienna, GA

My husband and I are hoping to get a zero-down payment loan to buy a townhouse in Sterling VA. We have very

Asked by Abike, Vienna, GA Wed Jun 11, 2008

good credit. Are these loans still available and what's the best place to get one?

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Zero down payment loans are pretty much a thing of the past. However, it won't be called a zero down payment loan, but, what is happening is basically the same.
Let's say you are purchasing a home priced at $150,000. You offer the seller, let's say, $145,000 with the seller paying you back at closing $5,000 for closing costs and pre-paids etc.
So, what you are doing is financing $145,000 on a $140,000 purchase with no money out of your pocket.
Pretty much the same thing in my book.
1 vote Thank Flag Link Wed Jun 11, 2008
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