Ask the real estate community and get an answer i'm a first time house buyer, how can i get a no dwnpymt

Asked by Rose Cortez, Belleville, IL Fri Oct 3, 2008

what are the requirements to avail of no downpayment and can u quote me of the cheapest one for a 3 bedroom family house

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Greg Zaccagni, , Illinois
Tue Oct 7, 2008
I have had several inquiries on this program so here are more details..

100 CLTV
620 Fico
92nd 1st & 8% 2nd
SFR, Condo, Pud, 2 units
Purchase only
Income limits apply

Fico - 620 minimum
Ratios – 31/45% DTI max
Credit – No Non Traditional Credit, Mortgage 1x 30 in last 12 months
No Bankruptcy or Foreclosure in last 2-7 years depending on circumstances.
All judgments, collections, and tax liens must be paid.
Income limits – 140% of Median Income (Chicago $71,600 - $100,200 (140%)
Applies only to qualifying income not household income
First time buyer - Available for 1st time buyers and move up buyers
Occupancy – Owner occupied only
Down Payment - $500 minimum borrower investment
Payment Shock – DU feedback
Reserves – 1 month PITI from borrowers own funds, can’t be from gift or seller contribution
Gift – Can be used for closing costs after borrower’s own 1 month reserves verified
Seller Contribution – 3% can be used for closing costs after borrower’s own 1 month reserves verified
Employment – Salaried Borrowers (2 years in the same line of work)
Self Employed – 2 years in the same line of work & Verified by an independent 3rd party
Appraisal – One full appraisal required, 2nd may be requested
Max Properties – May not own any other properties
Mortgage Insurance – 100%Cltv, MI Coverage 35%, Cost Factor .90%
97%Cltv, MI Coverage 18%, Cost Factor .38%
2nd mortgage – 8.0% Fixed rate (20 year fully amortized), Additional title endorsement required, Additional $475 admin fee on 2nd
1 vote
Greg Zaccagni, , Illinois
Mon Oct 6, 2008
Hello Brandon:

FHA is not accepting Down Payment Assistance (DPA) any longer so unfortunately Neimiah, Amerideream etc. are out for now but I expect we will hear from them again. The program I'm referring to is not FHA, VA or RHA. It's a 1st/2nd from the same lender available for full doc puchase money borrowers with good credit & payment histories.
Web Reference:
1 vote
Greg Zaccagni, , Illinois
Fri Oct 3, 2008
Would you believe I have found a lender that still offers 100% financing for individuals having + 700 credit midscores! It's full doc of course. Also don't expect the kind of interest rate you see advertised for 20% down mortgage loans. Would you still like more information?
1 vote
Brandon Schu…, Agent, Western Springs, IL
Mon Oct 6, 2008
A loan program with $100.00 down?
0 votes
Brandon Schu…, Agent, Western Springs, IL
Mon Oct 6, 2008

What about Neimiah? I heard they tried to continue. What ever happened?
0 votes
c, , New York
Fri Oct 3, 2008
Well Rose, looking at what happened with the subprime market, and what the goverment has to pass, I doubt it will ever happen again with a standard lender. Which is probably in everybody's best interest! Your best chance might be an owner financing situation.
Web Reference:
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