Asked by Milheath, Harahan, LA Sat Sep 24, 2011

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Robin Franks, Agent, LaPlace, LA
Fri Nov 11, 2011
There are some options for $0 down payments loans, and there is also a program in New Orleans where you can get an additional $65,000.
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Scott Godzyk, Agent, Manchester, NH
Sun Sep 25, 2011
With no down payment it is very unlikely however the only person that can answer your question is a loan officer. You should meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for to buy a new home


Please see my blog with tips and advice on getting a mortgage
Web Reference:  http://www.ScottSellsNH.com
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Annette Levi…, , New York, NY
Sun Sep 25, 2011
Miheath, if you can't save, how can you afford 2 houses? Sell your current home and then buy. That will give you the money for a down payment.
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Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Sun Sep 25, 2011
The only types of financing still available today that are no down payment are VA & USDA financing. VA requires you to be a Veteran, and USDA financing is for rural areas/towns (it is not available in Harahan, but it's available in Waggaman) + you cannot own a functional home which is in the same area as you are buying. With conventional financing you can purchase with as little as 3% down, and FHA financing you can purchase with as little as 3.5% down.

Since it sounds like you already own a home then by most down payment assistance programs you would not be a first time homebuyer and not eligible for down payment assistance programs (can't own a home in the past 3 years), so you would either have to come up with the down payment from your own funds or get a gift from family/relatives. Louisiana Housing Finance Agency the down payment assistance eligibility: http://www.lhfa.state.la.us/programs/homeownership/addpi.php

How much you can qualify for will depend on your DTI, like Jen said, however your DTI is not income compared to credit, is is the percentage of your monthly gross income your monthly debt payments are (car loan, credit cards, student loans, etc.) which would also factor in the proposed mortgage payment. For best chances of approval you'll want to keep that ratio to no more than 43-45%. For example if you have $3,000/mo in qualifying income, and with your debt payments + the new mortgage payment you have $1,250/mo, that would be a 41.66% DTI.

@ Jen Pfeffer - Milheath is in HaRahan Louisiana (suburb of New Orleans)... not HaNahan South Carolina (I was wondering why you mentioned Goose Creek).
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Jen Pfeffer, Agent, Charleston, SC
Sat Sep 24, 2011
It depends! Are you going to try to keep your current home and rent it out, or sell it and use the equity to buy? There are several great programs here in SC that require no down payment or a very small down payment. Depending on your DTI or debt to income ratio, meaning how much income you have coming in combined with your great credit, you shouldn't have a problem. I have a wonderful lender I've used for all of my personal investments as well as my clients, I'd be happy to pass her name and number along! I'm very familiar with the Goose Creek and Hanahan area and I would love the opportunity to help you! Please let me know if I can be of assistance!

Jen Pfeffer
Carolina One Real Estate
(843) 367-3309
Web Reference:  http://carolinaone.com
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