What if I have no down payment, can I buy a house?

Asked by aly s, Moore, OK Sat Mar 30, 2013

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Jeanne Feeni…, Agent, Basking Ridge, NJ
Sun Mar 31, 2013
Keith is right - saving money so that you have a down payment and adequate funds to cover closing costs plus a cushion is likely your best plan.

A VA loan is a no money down but you have to be a veteran and meet qualifications for the loan.

Best,
Jeanne Feenick
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Keith Jean-P…, Agent, East Brunswick, NJ
Sat Mar 30, 2013
Traditionally no, but you might find a portfolio loan product that will allow a small or no down payment. Downside of these programs; even if you could find one, would be a HIGH credit score and income requirement. You can try FHA which would require 3.5% down. Typically my advise is, if you do not have enough for a mininum of 3.5% as a down payment plus some closing costs, home purchasing isn't advised because God forbid something goes wrong in the house, right after you move in, you can end up in a very difficult situation.
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