VA Buyers can buy a house with no money down, everyone else needs some down payment money.
Fannie Mae has houses that only require 3% down payment ( $9,000 on a $300,000 purchase price) and FHA requires 3.5% down ($10,500 on a $300,000 purchase price).
It is possible, however in today's highly competitive market with multiple offers and many all cash buyers I need to tell you that you will have a hard time getting your offer accepted.
You can contact me so we can see if you would qualify for that.
If you are not a first time home buyer , then you have VA(if you are Va of course ) or FHA has the least amount down with 3.5% amongst other options . Contact me directly so we can see what is the best option for you !!
Nicole Pitteloud,Mortgage Banker , Nmls 388902, Eng Lending 619 301 3950,firstname.lastname@example.org. I look forward to helping you . Have a great day .
There are many options for you as a buyer, and I have worked with different lenders over the years, but I have learned one thing, the more complicated and less down payment you have, your odds of getting your offer go down drastically.
We have a very competitive market with not a lot of inventory, your offer needs a strategy and a Realtor with the right relationships. Also, don't expect your offer to get accepted if you (on top of 0 down) go below asking price.
Hector R. Gastelum
Realty Executives Dillon
You need to ask that question of a local mortgage professional who can check your personal qualifications for available loan programs.
For a no-down-payment loan program you will have to have special qualifications such a qualifying low or below-average income or Veteran status for instance. A brief discussion with a local mortgage professional will allow you to determine what mortgage alternatives are available to you.
I am sure that one of the San Diego area agents could recommend someone to you.
Real Estate Consultant
Pacific Sothebyâ€™s International Realty
San Diego, Ca
It's possible for buy with very little down - as low as 3.5% down. But, you should have your closing costs, and enough savings to qualify for a loan.
The biggest challenge is going to be getting your offer ACCEPTED with a low down payment. With so little inventory and multiple bids on almost every property, sellers are giving preferences to those with cash offers and high down payments.
That said, you owe it to yourself to try. If you need a Realtor, please give me a call!
There are programs that allow zero or low down payments. From time to time some communities have down payment assistance programs as well. There may be a program that will work for you.
The lenders at this site are very good and I have worked with them successfully. http://www.thesandiegopropertyshop.com/Mortgage-Information .
I suggest that you contact one of them and discuss you situation to determine which program may work best for you.
Buying a home is a complex procedure and you should find a Realtor to work with. That Realtor can answer your specific questions better than those in a public forum who do not know all of the specifics of your situation.
Local Help with Your Real Estate Needs
The San Diego Property Shop
CA DRE # 00648687
If you're an eligible Military veteran, you can buy with 0% down. You can also buy with an FHA loan if you're planning to live in the property. Those require only 3.5% down. Also, HomePath mortgages require only 3% down; you'll see those in MLS property descriptions. There's not a lot of inventory right now, but if you're willing to hang in there and get properly pre-approved for a loan, you have a better chance than buyers who low ball and merely get pre-qualified. Feel free to call or email with questions or for information.
Cory La Scala, REALTOR
Yes it is but it all depends on what TYPE of loan you qualify for. That is the most important thing to find out BEFORE begining your home search. It will dictate what kind of properties you can target. If you'd like more info, please contact me and I can point you in the right direction.
Getting all your ducks in a row before your home search will allow you to be competative in a market that typically sees multiple offers on desirable properties within the first couple days they are active. Hope this helps...