to get a fixed 30yr loan do I have to put 5% down. What if I don't have that money?

Asked by Patty, Greenfield, WI Mon Jan 7, 2008

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Karen Wenzel,…, Agent, Brookfield, WI
Mon Jan 7, 2008
Everyone's situation is different -so there is no right answer. There are many loan programs. You may qualify for a 100% financing program. Best first step is to meet with a lender (maybe get several opinions), be open with them on your income, expenses, etc. and they can give you a better picture. I have worked with many 1st time Buyers, and purchasing a home can be overwhelming. It is important to educate yourself on the entire process. Make sure that the Real Estate professional you are working with explains everything to you - to your satisfaction. I always want my clients to sit at the Closing- knowing that they fully comprehend everything, and are happy that they made the Right decision for themselves.
With the falling interest rates, and the large inventory of properties, you are getting into a great market as a Buyer. If you don't have someone helping you that you are comfortable with, give me a call. Good Luck!
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ERIN, , Lafayette, LA
Thu Sep 4, 2008
do you currently own a home- you can open a home equity line of credit and use the funds for a down payment, draw from retirement funds or gift funds from immediate family....good luck
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Wholesale Mo…, , 53207
Thu Sep 4, 2008
Depending on the property location, you may qualify for 100% financing without mortgage insurance through our rural development program. Another option to explore is an FHA loan. We would be able to determine if you qualify with a phone call. Good luck!
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Jim Welden, Agent, Greenwood Village, CO
Mon Jan 7, 2008
Patty - if I were you, I would talk with a lender who was highly recommended to you - if you have an agent they can typically link you up with one or more lenders who have worked with mutual clients in the past. As Karen indicates, the answer varies depending on a number of items and only a loan officer/lender can tell you. Today, I had a Buyer get pre-approved with 2 different lenders for 100% financing under a conventional loan program (and rates were attractive 6.125% with one lender and 5.875% with the other lender for a 30 year fixed rate product) - in this case, the Sellers are providing money for the Buyer's closing costs so the Buyer will most or all of their earnest money back when they close. So is it possible? Yes - you will need good credit scores, and other requirements that show you are a good credit risk but this example shows it can be done and it is done every day - best of luck.
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Brian Burke, Agent, Highlands Ranch, CO
Mon Jan 7, 2008
Do you have any other options, such as can you wait a couple of months before moving and then have the money down? Or can you maybe get help from family for the 5%. How are your credit scores? Can you improve your scores and then get a 100% (this might take awhile too).
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