how do one get to buy a home without money. you know, no money down.????

Asked by Hank Crank, Lorton, VA Tue Feb 24, 2009

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Cindy Jones, Agent, Alexandira, VA
Wed Feb 25, 2009
Hank-unfortunately not using a Realtor does not help you with a no money down loan. A Realtor has nothing to do with mortgage banking regulations which have eliminated 100% loans except for the few cases that we provided for you in the answers from the Realtors.

If you need a contact to a local lender who can help you understand what you qualify for with no obligation let me know and I'll put you in touch with one in the Lorton/Springfield area.
Web Reference:  http://cindyjoneshomes.com
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Cindy Jones, Agent, Alexandira, VA
Tue Feb 24, 2009
Hank-as the other agents have said there are few options for 100% financing. The only one not mentioned is if the home you are buying needs work you might be able to apply for an FHA 203K loan which would give you the money to purchase the home as well as the addtional funds to fix up the home. Please be aware that this does not mean that you get the financing and extra money at closing. You have to have professional contractors approved by the FHA to provide an estimate of the repairs and the repairs must be done.

Otherwise you have VA if you qualify and VHDA if you qualify. Note every loan program these days has strong credit scores and verification of income attached to it.
Web Reference:  http://cindyjoneshomes.com
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Dana Schuster, Agent, Slidell, LA
Tue Feb 24, 2009
There are some 100% financing programs out there--very few but VA & rural development are 100%. however,realize that this is not "free' money--the amount of what you would have put down is added to your loan & you will pay interest on this--making your monthly payments higher than if you had put some initial equity into the purchase. Also you will need a good credit score,2 yr. work history & sufficient income to meet not only the monthly note but taxes,insurance & maintenance. Do you have sufficient reserves to take care of things if the roof or AC needs replacing? If you are in good shape with the things I have mentioned,then sit down with a reputable local mmortgage broker and discuss your options.Also be aware that if you have no equity in the house,you can get into deep trouble if you need to sell & the house depreciates. you can end up owing more than the house is worth.
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Vicky Chrisn…, Agent, Purcellvile, VA
Tue Feb 24, 2009
The most common "no money down" loans are gone now. But, there are a few left. In Virginia there is a loan through VHDA if you qualify. For military veterans, there are VA loans. And, there are a few others. There are also some grant programs for certain professions. Call me, I'd be glad to chat with you, find out what types of programs might be available to you, and match you to the right lender. I don't do loans ... so no sales pitch here. But, I glad to help if I can. 703-669-3142 vchrisner@kw.com
Web Reference:  http://www.vickychrisner.com
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