could i buy a home with no money down?

Asked by Jerry Biggins, Prescott Valley, AZ Wed Aug 3, 2011

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Scott Godzyk, Agent, Manchester, NH
Fri Aug 5, 2011
Jerry the days of no money down loans for all is long gone. there are loans such as VA and USDA which are no money down and FHA which has 3.5% down,

You should start by meeting with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgage programs that you may quailify for.

http://www.trulia.com/blog/scott_godzyk/2010/10/where_do_i_i…


Please see my blog for advice and tips on getting a mortgage in todays market
Web Reference:  http://www.ScottSellsNH.com
0 votes
Ed, The Mort…, , Sacramento, CA
Fri Aug 5, 2011
If you do not qualify for USDA, you might want to consider FHA with gift funds for down payment.
0 votes
, ,
Thu Aug 4, 2011
Hi Jerry,

In addition to the geographical restrictions, the no money down USDA loan also has income limits based on the area and the number of people in the household.

For a household of 1 to 4 people in Yavapai County, the maximum annual income limit is $74,050 per year.

The link below is a map of the area and shows which areas are eligible (like Lynx Lake Estates) and which areas are not.

http://eligibility.sc.egov.usda.gov/eligibility/eligibilityA…

Here are couple of other great benefits of the USDA program.

1) No money down.
2) No monthly mortgage insurance required.
3) You have the ability to roll your closing costs into the loan as long as the appraised value supports it.

Feel free to contact me if you would like more information about the USDA Mortgage program or if you would like to get pre-approved.
0 votes
, ,
Wed Aug 3, 2011
If you are not a VET, there are the Rural Development Loan as spoken about below. I noticed your location is Prescott, AZ, as long as you are willing to buy outside the city of Prescott i.e. Prescott Valley, Stoneville or Northridge area etc, you can get into a home for $0 down payment. Click on the map and check the eligible areas in your county. Hope this helps.

http://eligibility.sc.egov.usda.gov/eligibility/welcomeActio…

If the page fails to load, click on "Single Family Housing"

Best of Luck!
Web Reference:  http://www.AFN-Loans.com
0 votes
, ,
Wed Aug 3, 2011
Hi, Jerry. Annette's reply is spot on.
0 votes
Annette Levi…, , New York, NY
Wed Aug 3, 2011
Don means if you are a vet you can get VA financing. If you are not a vet but are buying in a USDA area, you can get 100% financing
0 votes
Don Maclary, Agent, Virginia Beach, VA
Wed Aug 3, 2011
Yes if you are a qualified VA Buyer
0 votes
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