We are wanting to buy are are first time buyers we gross about 5,000 a month but have no down payment is this doable?

Asked by EmilyRussell59, Rockwall, TX Thu Jan 17, 2013

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Dallas Texas, Agent, Dallas, TN
Thu Jan 17, 2013
100% finance is "thing of the past" most lenders will require you have at least 3.5% or more down payment. Keep in mind you will also have closing costs, inspection, appraisal fees.

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1 vote
Amy Arey, Agent, Allen, TX
Wed Oct 1, 2014
USDA will allow you to purchase in "rural" areas (make sure you check out the USDA map on their website to make sure the area is within the USDA coverage area). Many cities also have programs for first-time buyers that are not heavily promoted to the public. ;-) Contact me if I can be of any assistance.

Amy S. Arey, Realtor
Halo Group Realty, LLC
214.901.1341-Cell
AmyAreyRealtor@gmail.com
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0 votes
Wayne Stewart, Agent, DALLAS, TX
Thu Sep 26, 2013
Someone mentioned USDA and that is the correct answer but no you cannot do that in Rockwall. However Forney and Royse City is still available for this option. it is great way to buy a home! However another option is a lease/purchase agreement for properties that may have been on the market for a while. Your credit is always a factor and if that is an issue you may pay some items down and use a tool called "rapid rescore" that lenders use as immediate REscore of your credit. if I can help you in any way please feel free to reach out to me anytime. http://www.waynestewart.com
0 votes
T.E. & Naima…, Agent, Dallas, TX
Tue Feb 5, 2013
John mentioned USDA loans, which are fabulous but the City of Rockwall is in an ineligible area. So, you'd have to find something in Fate or east to buy using that type of rural loan.

VA loans are also available for the whole area with zero down.
Web Reference:  http://www.SumnerRealty.com
0 votes
Stacy Petruz…, Agent, Royse City, TX
Thu Jan 31, 2013
Hi,

Making a step to purchase your first home is very exciting. There are sooo many factors to take into consideration. Your debt, income, ratios, school loans, etc. I would highly recommend that you speak with a lender who can look at your personal situation. Then they can help you determine whether 100% financing is an option or if first time home buyer programs are available to help you with down payment assistance. The USDA loan program is terrific but they have specific criteria and do take longer than regualar loan programs to close.

If I may assist you with locating a dependable lender, please don't hesitate to contact me.

Best of luck to you and yours.
0 votes
Miekeba Jones, Agent, Silver Spring, MD
Thu Jan 17, 2013
Hi Emily, Ask your lender about programs in the area. Some sellers will provide closing costs help, if you ask.
0 votes
Bruce Lynn, Agent, Coppell, TX
Thu Jan 17, 2013
Typically you will need about 3.5% for a down payment and perhaps another 2-3% for closing costs. Sometimes instead of a discount on the purchase price, you might be able to get the seller to pay your buyer closing costs, but in this market you will have a stronger offer and more choices if you can pay your own closing costs.

I won't say it is impossible, but most lenders want you to have some skin in the game. It's almost summer, so make a commitment...get weekend jobs somewhere or a second job for six months. You can save the down payment. It will be worth it. A little short term pain for long term gain.
0 votes
Our aparment lease is up at the end of August, we are wanting to by then. We have both been at our jobs about 2 years. We are taking the next 8 weeks to get some little credit cards bills paid off and then are planning to have about 3-4000 saved for the closing cost by August. We havent talked to anyone or gotten started looking but do know the areas we like. Any advice/help would be wonderful!! Thanks!
Flag Thu Jan 17, 2013
Ruth and Per…, Agent, Los Gatos, CA
Thu Jan 17, 2013
Hi Emilly

Yes depending on Work history, Credit history, and reserves such as retirement accounts.

Also you may want to chech if you qualify for any loans like VA etc.

Good luck.

Ruth
Web Reference:  http://Www.ruthandperry.com
0 votes
Our aparment lease is up at the end of August, we are wanting to by then. We have both been at our jobs about 2 years. We are taking the next 8 weeks to get some little credit cards bills paid off and then are planning to have about 3-4000 saved for the closing cost by August. We havent talked to anyone or gotten started looking but do know the areas we like. Any advice/help would be wonderful!! Thanks!
Flag Thu Jan 17, 2013
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