Understand there are companies who will do a no down payment loan - how does this work, what are other requirements?

Asked by mysuns5, Las Vegas, NV Mon Mar 4, 2013

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Rena Levy, Agent, Las Vegas, NV
Mon Mar 4, 2013
There are few programs with down payment assistance up to 4% with great interest rate and seller's contribution towards closing costs. I have a client right now that I am working with that are buying a house with this program. You just need to meet the guideline!!
Give me a call at 702-900-4330 and I will be happy to guide you and help you to apply for this program.

You can also search for all the homes for sale in Las vegas at http://www.cvegashomes.com

Rena Levy
Realty Executives of Nevada
Web Reference:  http://www.cvegashomes.com
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Mike Kruse, Agent, Las Vegas, NV
Mon Mar 4, 2013
There are down payment assistance programs but they do have geographic and income guidelines. Depends where you are looking to purchase. I am a Realtor here in Las Vegas and would be glad to assist you. Email me direct at lvhomesbymike@gmail.com
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, ,
Mon Mar 4, 2013

I am a local lender here in Las Vegas...

Most Down Payment Assistance Programs available that I know of will provide funds if you qualify but you will have to come up with the minimum required down payment from your own funds.

For example, if doing an FHA loan, you will still have to bring the minimum down payment required of 3.5% of your own funds. The "down payment" funds only apply towards the closing costs and principal reduction.

Eugene Prospero
Mortgage Consultant
All Western Mortgage
0 votes
Suzie Marqua…, Agent, Las Vegas, NV
Mon Mar 4, 2013
I have seen state and local programs that offer homebuyer incentive programs. I have used AmeriDream and Nehemiam in the past. A few others if they are still funded might be American Family Funds, Family Home Providers, Grant America, Housing Action Resource Trust, Partners in Charity. I am not sure if these entities are still in operation as it has been awhile since I used any of them. North Las Vegas used to have a program also. Many of these type of programs are geared toward 1st time buyers and income but some are not. Google National Council of State Housing Agencies and you may also find additional programs there. I hope I was able to help.
Thank You
Suzie Marquardt
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Joanna Morris, Agent, Floral City, FL
Mon Mar 4, 2013
You can do a VA loan if you were in the service with only 4% for closing costs. You may be speaking of USDA loan and you need an excellent credit score. Get with a Realtor and they can direct you to a USDA lender or find a lender who does USDA loans and get pre-qualified.
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