Are there any programs to buy a home with no money down? or what is the minimum down payment...? and what are the programs qualifications?

Asked by Victor, San Marcos, CA Tue Jan 29, 2013

I don't have much for down payment and closing cost, so I believe most of what I can come up with will go in closing cost, so very little (if any) will be left for down payment.

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Michael Alex’s answer
Michael Alex, Agent, San Diego, CA
Tue Jan 29, 2013
Hello Victor,

If you have been in the military or currently are, you can qualify for a no money down, no mortgage interest VA loan.If not a FHA loan for as little as 3.5 percent.There is down payment assistance programs as well.You can get a seller credit for your closing cost, if not you can a lender credit. Call me if you have questions and need a excellent lender.

Michael Alex
Real Estate Consultant
“The Trustworthy Choice in Real Estate”
cell. 619.581.9348
Pacific Sotheby's International Realty
San Diego,CA
0 votes
Bill Hays, Agent, Cardiff, AL
Tue Jan 29, 2013
There are ways to build the closing cost expense into the loan so you don't have to come out of pocket. A further consideration is your credit score and income as they will drive your purchasing power or lack thereof.

Call if you need assistance and want honest answers.

CA DRE 01775528 I NMLS 980076
(760) 525-8698
0 votes
Del Hickman, Agent, Escondido, CA
Tue Jan 29, 2013
Yes Victor...good news...If you are willing to locate in a 'RURAL' area of San Diego County (Bonsall, East Fallbrook, North Escondido, Valley Center, Ramona or Alpine and East) and you can qualify for a USDA Rural Home Loan, you can buy with no money down and Monthly Mortgage Insurance of only .4%. They are willing to loan 102% of the purchase price to cover your funding fees. Contact me if you want to talk with a lender!
0 votes
Sinead McAll…, Agent, Oceanside, CA
Tue Jan 29, 2013
Hi Victor,
If you qualify for VA, you can get 100% financing. The next one up is FHA which is 3.5% down. I have a great loan gal that I can refer you to that can help you sort out what the best product is for you.

Sinead McAllister
McAllister Homes Real Estate
0 votes
Daniel Lehman, , San Diego County, CA
Tue Jan 29, 2013
Yeah, there is the VA loan which is zero down, but you have to be a veteran. Aside from that, there are down payment assistance programs available as well to help cover your down payment...

Give me a call and I can give you some options. I am in San Marcos, and my office is in Escondido.


Daniel Lehman
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