Is it possible to buy w/little or no money for down pmt?

Asked by Cindy Preskitt, San Diego, CA Wed Sep 12, 2012

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Janet McCarthy’s answer
Janet McCart…, Agent, San Diego, CA
Tue Sep 18, 2012
Hi Cindy,
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.
Good Luck
Janet McCarthy
Connect Realty
0 votes
Nicky, , San Diego, CA
Tue Sep 18, 2012
You have a few different options depending on your particular scenario. If you qualify for first time home buyer and your income meets the criteria you can buy with as little as 0.5 % down !!!!
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, I look forward to helping you . Have a great day .
0 votes
Pete Tomaszek, Agent, Carlsbad, CA
Thu Sep 13, 2012
Yes with a VA loan, if you qualify.
0 votes
Hector Gaste…, Agent, Coronado, CA
Wed Sep 12, 2012

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
REALTOR #01382940
efax 619-270-2516
0 votes
John Juarez, Agent, Fremont, CA
Wed Sep 12, 2012

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.
0 votes
Michael Alex, Agent, San Diego, CA
Wed Sep 12, 2012
Yes it is. If you or your spouse have been in the military or currently are, then you qualify for a VA no money down loan. 3 percent down with a Fannie Mae Homepath loan, but there are a lot of restrictions, and you can only purchase certain properties. Most commonly used is a FHA loan with 3.5 percent down. Sellers do offer closing costs credits, if not my lender does offer closing cost credits.I suggest contacting my lender Brian Shaw directly at 858-356-4005 for questions regarding loans.With his professionalism, honesty and attention to detail along with his knowledge of finance,he is ranked at the top in volume of sales in the United States.If you have any Real Estate questions other then loans,feel free to contact me.


Michael Alex
Real Estate Consultant
cell. 619-581-9348
Pacific Sotheby’s International Realty
San Diego, Ca
0 votes
Cindy Davis, Agent, San Diego, CA
Wed Sep 12, 2012
Hi Cindy - Great name! :)

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!
0 votes
Jerry Heard, Agent, San Diego, CA
Wed Sep 12, 2012
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. .
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

Jerry Heard
Your Broker
The San Diego Property Shop
Direct 619-920-9796
Office 619-269-5545
Fax 619-269-9168
CA DRE # 00648687
0 votes
Cory La Scala, Agent, San Diego, CA
Wed Sep 12, 2012
Hi Cindy,

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.

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
0 votes
Chris Meling…, Agent, San Diego, CA
Wed Sep 12, 2012
Hi Cindy,

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...

Chris Melingonis
0 votes
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