It is possible to buy a home when you have no down payment but you do have the income to make monthly payments?

Asked by Meyly720, Hialeah, FL Sat Nov 10, 2012

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10
Barbara B. R…, Agent, Oakland Park, FL
Sat Nov 10, 2012
If you are a veteran, no down payment is required. FHA is a low 3.5% and you could receive a gift for it. Firsttime homebuyers qualify for down payment and closing costs assistance from some cities and counties and lenders when programs are available. Look them up online or call. Fannie Mae, HUD & Feddie Mac have 3% down mortgages for their foreclosures. Before you look for a home, sit down with a good mortgage broker and learn your options. Don't forget to consider property taxes and the high cost of homeowners insurance which affect your affordability and monthly payments. I would love to help you, but you would have to come to Broward. All the best!
1 vote
Pat & Steve…, Agent, Westlake, OH
Tue Dec 18, 2012
I suggest that you meet with a loan officer at 2 local banks. Find out if you can qualify for a loan product and, if you don't, then ask what you need to do to qualify.
0 votes
Fort Lauderd…, , Fort Lauderdale, FL
Tue Dec 18, 2012
The national average currently, for a primary residence, is at least 20-30% down, and for a second residence, it is 40% down. We hope this helps.
0 votes
Joseph J. Mi…, Agent, Coral Springs, FL
Tue Dec 18, 2012
Why would you want to buy a house with no money down? If you have no savings what happens when you have a major repair to make on the house? If you don't have any money for a down payment you need to slow down and save for a down payment before even considering buying. Please seek out the advice of a financial counselor.
0 votes
Joe Roman, Agent, Fort Lauderdale, FL
Mon Nov 12, 2012
Hello Meyly;


While FHA approves loans with 3.5% down and VA loans require no downpayment, there are still some out of pocket expenses needed by the buyer to buy in today's market. You need some liquidity to buy any property! If you have a good job with regular income and a high credit score, I suggest you get a gift of around $5 to 10K from a family member or close friend that will cover some of out of pocket expenses you will be required to make that are outside the realm of an iniital deposit. Next step is to find a good mortgage broker who will instruct you and maybe even help you increase your credit score so as to pre-qualify you before you begin searching homes with any agent. My mortgage consulant name is Alberto Martinez and his style is laid back, yet informative. Why not begin the process by giving him a call discussing your wants and needs along with your current financial situation. His cell number ism 954-444-3368 and kindly bear in mind that when requesting a lender in today's market to invest in your loan, you will need to disclose everything... and I mean everything about your current financial situation. After you've begin the process and if your interested in buying in Broward County, kindly give me a call @ 954-557-3416 and I'll be glad to help you - as what matters to you matter to me!

All the Best!
Joe Roman
ERA Herman Group Real Estate
954-557-3416 cell
josephwroman@gmail.com
http://WWW.REALESTGATEINSOUTHFLA.COM
0 votes
Rhonda Hooper, Agent, Ft Lauderdale, FL
Sun Nov 11, 2012
Is it possible to get a loan with no down payment - Yes -
The biggest issue is with getting an offer accepted. In today's market a larger down payment presents a stronger offer in the seller eyes.
Make sure you do your homework by speaking with a mortgage broker or lender, and then interview the Right Real Estate Agent to WORK for YOU to get the Offer Accepted.
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Sun Nov 11, 2012
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Mortgage Broker responds

There are actually 4 ways I know of to do 100% financing.

What you need to do is to contact me or another lender and take the preliminary steps to get pre-qualified to have your situation reviewed and so you can see what you qualify for in advance of even looking at property.

Note: with all the new changes to the mortgage industry many realtors don't know what is and what's not available anymore these days, so best to contact a Mortgage Broker for accurate info.

====
0 votes
Suzanne MacD…, Agent, Morristown, NJ
Sun Nov 11, 2012
You can also look into a USDA loan for rural areas. You would be surprised what areas qualify as 'rural'. I live in highly populated Morris County New Jersey and yet nearly all of our towns qualify. And USDA loans do not require a down payment.
0 votes
Barbara B. R…, Agent, Oakland Park, FL
Sat Nov 10, 2012
If you are a veteran, no down payment is required. FHA is a low 3.5% and you could receive a gift for it. Firsttime homebuyers qualify for down payment and closing costs assistance from some cities and counties and lenders when programs are available. Look them up online or call. Fannie Mae, HUD & Feddie Mac have 3% down mortgages for their foreclosures. Before you look for a home, sit down with a good mortgage broker and learn your options. Don't forget to consider property taxes and the high cost of homeowners insurance which affect your affordability and monthly payments. I would love to help you, but you would have to come to Broward. All the best!
0 votes
Tamika Moses, Agent, Pembroke Pines, FL
Sat Nov 10, 2012
Hello ,

In this market you will NEED a DOWNPAYMENT. You should see if you qualify for FHA financing which is a low downpayment of 3.5% of the purchase price. If you need a loan officer I can direct you to one who can qualify you.


Thank you,
Tamika Moses
Keller Williams Realty Partners SW
954-404-4646
tmrealtor@yahoo.com
0 votes
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