Does anyone know of owner financing that will allow me to purchase a home with no money down?

Asked by checkmate2014, Fairhaven, MA Tue Mar 19, 2013

I have been employed at the same company for almost 12 years and I earn around 135k. I have a credit score that fluctuates between 760-790. Although I know I could qualify for an FHA loan, but I would rather not come up with the 3.5% down payment. I am interested in finding a property the 250-300k range somewhere in the Westborough, MA area - or within 30 miles of Needham, MA.

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Ron Thomas, Agent, Fresno, CA
Tue Mar 26, 2013
The Seller probably has the same reasoning that a Lender would have;
They want you to have a "vested interest" in the property, so that you won't just walk away from it.
This is one of the main reasons that homeowners got in trouble these last few years.
The Seller would view your attitude as a lack of committment.
0 votes
Paul Reilly, , Norfolk, MA
Tue Mar 26, 2013
U.S. Military Veteran's are eligible for VA loans with no money down no points and no closing costs as well as no mortgage insurance. If you happened to serve in the U.S. military thank you for your service and you're in luck for the program you want.

You're credit scores are excellent so we have a number of programs for you with 5% down and without costly mortgage insurance. FHA has become the loan of last resort for borrowers looking for loan down payments. FHA mortgage insurance will increase again in April, the monthly mortgage insurance cost for a $300,000 loan exceeds $300/mo.

I would be happy to discuss a variety of programs with you. Some larger communities have offered grants for eligible first time borrowers who occupy their property as primary residences.
0 votes
Terri Vellios, Agent, Campbell, CA
Tue Mar 19, 2013
I suggest you talk with a trusted Realtor. It's possible that your agent can structure an offer to meet your goal.

Even if a Seller is willing to carry financing, they usually would want to see you put some money down.

Have an amazing day!
Web Reference:  http://www.terrivellios.com
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