Foreclosure in Ocean Beach>Question Details

Cindy Preski…, Renter in San Diego, CA

is it possible to buy w/o a down payment?

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

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You can go the USDA route and purchase a property in the county (outside of the city). The condition of the property has to be livable-and can't have any major problems to pass the USDA inspection. If you're looking for a You can search homes at or email me if you have any questions.
0 votes Thank Flag Link Thu Sep 13, 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 Thank Flag Link Wed Sep 12, 2012
I just finished working with a buyer who did 100% financing through USDA and have another pending. Remember, even if you choose a 100% financing loan product, you may still have closing costs and other fees such as the home or pest inspection and earnest money. The best thing you can do is to sit down with an experienced Realtor who is familiar with deals involving 100% financing. Also, it might be a good idea to check with the Housing Authority in your city/area. Often times, they offer programs that allocate special funding for homebuyer assistance. I have personally worked with buyers who bought homes through these types of programs with as little as 2% of out-of-pocket money invested.
0 votes Thank Flag Link 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 Thank Flag Link Wed Sep 12, 2012
A VA loan can if you qualify.
0 votes Thank Flag Link Wed Sep 12, 2012
There are USDA 100% financing loans and FHA loans where you can finance your down payment. You would need to talk to your bank or a mortgage broker to see what programs you can quailify for.

Just remember, even if you obtain 100% financing you still need to consider your closing costs, home inspection fees, appraisal, home owners insurance, and taxes into your budget so that you are able to purchase.

Good luck!
0 votes Thank Flag Link Wed Sep 12, 2012
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