I have 3000.00 to put down I currently do not own a home. Can I get into a home?

Asked by pkendri, Houston, TX Mon Sep 3, 2012

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Diana Merced, Agent, Houston, TX
Fri Sep 7, 2012
Are you a first time home buyer? Or have you own a home within the last 3 years? It is possible to purchase withonly $3000.00.
0 votes
Jane Lindsey, Agent, Bunker Hill Village, TX
Wed Sep 5, 2012
Well, you won't be able to live in River Oaks, but you certainly have more than enough to get into your own home!
0 votes
Mario Romero, Mortgage Broker Or Lender, Houston, TX
Mon Sep 3, 2012
Hello Kendri,

Harris County has down payment assistance programs up to $14,000. Also, we do USDA loans in several rural areas, close-by to major Texas Metro suburbs, with 100% financing and rolling into loan amount closing costs if house value allows it; your Realtor can surely negotiate seller contribution as well. So, YES, you can buy a house with $3000 down.

Happy Labor Day,

Mario Romero
Mortgage Banker
0 votes
Mark McNitt, Agent, Houston, TX
Mon Sep 3, 2012
You can, but you might think twice. Is this $3,000 all you have saved up? Besides a down payment, you will have some closing cost even if the seller is willing to pay most. Inspections, phycial move of your stuff not to mention insurance and other fees.

The idea is you purchase a home and your mortgage (including taxes and insurance) per month is about the same as what your paying for rent. After you purchase, you would have at min 6 months of funds saved for emergencies.

Good news, prices are starting to go up..but very slowly. Interest rates are at record lows, but not expected to go up much over the next year or so. In other words, you have some time to save more money and get better prepared for a home purchase. Have you gotten prequalified for a mortgage? Visit my resource page on my web site. There, I have a list of great lenders that assist 1st time buyer. Let me know what else I can do to help you!

Mark McNitt
m 832-567-4357
Bernstein Realty, Inc.
0 votes
Lerma Sampang, Agent, Houston, TX
Mon Sep 3, 2012
It all depends on how much home you are looking at & if you can qualify for a mortgage first of all. I can connect you to some mortgage professionals that I work with. I would be happy to help in your home search as well.
0 votes
Delma Alvarez, , Houston, TX
Mon Sep 3, 2012
Give me a call. I have some questions. You may also be able to qualify for some down payment assistant programs.
Delma Alvarez, Realtor
0 votes
Allen Hebert, Agent, Houston, TX
Mon Sep 3, 2012
The one that can best answer your question would be a mortgage professional-most programs will require a 3.5% down payment-you would also have closing costs associated with your loan-You may want to look into the purchase of a HUD home which has a $100 down payment program and they contribute 3% towards buyers closing costs. Let me know if I can be of any assistance
0 votes
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