How can i buy a home with no dow, also low mortgage? Thank You.

Asked by Nachi_nj, Elizabeth, NJ Sat Nov 2, 2013

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Randall Yates, Other Pro, Dallas, TX
Thu Nov 21, 2013
Yes! I know a lender who can offer FHA loans with a 580+ credit score with 3.5% down. I can take a look at your credit to see if you can increase your scores to the 620 mark for a better rate. If we cannot get you to a 620 score and you want to buy ASAP then FHA is definitely an option to purchase your new home right away!
2 votes
Javier Matal…, Agent, Westfield, NJ
Sat Mar 14, 2015
Hi Nachi:
If you still looking for answers..please give me a call.
0 votes
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Thu Feb 13, 2014
It will be very difficult to find a zero down payment loan unless you are a veteran or seeking a USDA approved property. If any of these apply to you, then I recommend you look into a VA or USDA loan. Otherwise, the closest thing you can get is an FHA loan that only requires a 3.5% down payment. Well I hope this helps! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887
0 votes
Meri Galstian, Agent, Boston, MA
Fri Nov 22, 2013
These days, no down payment is not a reality. But FHA and Mass Housing loans are two examples where you could pay as little as 3% down. But you will be responsible for MIP (mortgage insurance premium) which is 1% of the mortgage and a fee for every ongoing month. But this makes attaining a mortgage more feasible for buyers than waiting to have 20 percent.

Best of luck!!

Meri Galstian
Boston Luxury Residential
0 votes
Kyle Kovats, Agent, Livingston, NJ
Thu Nov 21, 2013
Your best bet here is an FHA loan which can be as low as about 3.5% down. If by any chance you are a veteran a VA loan can be had for no money down. Your other option would be creative financing or seller financing. If you could somehow get a loan assumption or a "subject to" mortgage that could work as well. You have some options but first and foremost contact a mortgage professional and see if they can help you out.
0 votes
Marsha Bowen…, Agent, Livingston, NJ
Sun Nov 3, 2013
Mortgage financing will have major changes in the New Year. You should contact a mortgage broker for details as the options to finance a home with no money down is not going to be an option.
0 votes
Cheryl Glover, Other Pro, Middletown, NJ
Sun Nov 3, 2013
You need to look for Lease to Buy or lease to option to buy: You make an agreement with the seller: price, down payment, amount rent, amount of rent that will go towards the down payment. at the end of the term (let's say 2 years) you then have the option to buy the house based on the original terms (not new terms).since you were accumulating the down payment in your rental fees, you have more of a down payment. Then you want to go FHA with 5-10% down. Just make sure the contracted sales price or option sales price will meet the appraisal value when you actually go for the mortgage 2 years later. If not, you won't get a loan. A local Realtor can help you with this and I can recommend an expert of buy/lease for you in your area. I always have clients who do buy/lease work immediately with a mortgage broker so they are helping them during the two years with their credit and improving their chances of owning a home.
0 votes
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