I,m a first time buyer do I qualify for 0 down home purchase

Asked by Lauro Organista, Baldwin Park, CA Sun Mar 30, 2008

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Cathy Sloan’s answer
Cathy Sloan, Agent, Jacksonville, FL
Sun Jun 1, 2008
Qualifying will depend upon your income, debt and credit score.
One way to obtain 100% financing is to qualify for Ameridream, American Family Funds, or a County Bond issue. There may be a few more programs available in your county. A local Realtor can direct you to lenders that offer these programs. Not all lenders will offer all the programs so you may need to talk with several lenders.

Best of luck.
Web Reference:  http://www.cathysloan.com
0 votes
Lisa Spain, Agent, Palm Harbor, FL
Mon Mar 31, 2008
Lauro, as a first time home buyer there are programs available to you. They do have various qualifying criteria though so you need to speak with your lender about these. If you do not have a lender then ask your real estate agent. You need to be pre-qualified before you begin your home search so that you can find the right house that meets all of your requirements. Talking to a lender will let you know what costs you need to pay to get the loan and what interest rates and terms are available to you. A good Realtor will be able to work with you all the way to a successful closing! Good Luck in your new home search!
2 votes
Pam Bava, Agent, Rochester, MI
Mon Mar 31, 2008
Hi Lauro, It's nice that you are asking questions to learn all you can about buying your first home. All the information below is very good. You can find additional information on my web site listed under "First Time Buyers"
Good luck with your purchase,
If you need help don't hesitate to ask any one for help.
1 vote
Randy Stoker, Agent, Carmichael, CA
Sun Jul 20, 2014
The only -0- down payment loans as those insured by the Veterans Administration (VA Loan) or the US Department of Agriculture (USDA). At the present time there are no -0- down payment loans available for first time home owners.

In order to qualify for a VA loan you have to be a veteran of the US Military

USDA loans are available in rural areas that are under developed; you can find maps of USDA financeable areas or input an address to verify if USDA financing is available at: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
0 votes
Florida Choi…, Agent, Orlando, FL
Sat Jul 19, 2014
Try Downpayment Assistance at http://www.Assist2Buyer.com they you will find programs that can help you with downpayment.

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0 votes
Top Agent, Agent, Orlando, FL
Thu Jul 17, 2014

There are several programs for First Time Home buyers. There are county and state programs that specifically target First Time Home buyers and banks are offering incentives also. In addition, when submitting offers on bank owned homes and even on some traditional, closing cost which is typically 2.5 percent of the purchase price can be covered. It definitely depends on what you can qualify for prior to submitting an offer. If you work it a certain way, you can definitely capitalize on the many offers and incentives out there, but you have to be very strategic.

Thank you,

Eddy Solon, Multi-Million Dollar Producer

Licensed Real Estate Agent
KW Advantage II in Avalon Park
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Always remember, before buying, you will need to get Pre-Qualified, email
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0 votes
Michael Bell…, Agent, Altamonte Springs, FL
Fri Sep 6, 2013

There are a variety of programs available to first time home buyers. offering $3,000 - 20,000 in down payment assistance, depending on your household income, and property locations. Most require that you have at least $1,000 of your own money in the transaction.

USDA offers 100% financing to all that qualify regardless if its the buyers first home or retirement home. However USDA loans are only available in select areas. You can consult your Realtor or check property eligibility at USDA.gov.

If you are interested in the northwest Orange county area, there are several new home builders that have new communities that qualify for USDA financing. Contact me for a list.

Michael D. Bellamy, P.A.,
Charles Rutenberg Realty, Inc
407.536.MIKE(6453) (direct)
407-567-7551 (fax)
Search the MLS: http://www.michaelbellamy.net
Know Your Options: http://www.shortsalemyhome.info
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0 votes
Vincent Paige…, Agent, Orlando, FL
Thu Sep 5, 2013

A USDA or VA Loan will allow you to purchase a home with 0% down.

To check out my profile, references and the references of the other agents, just click on my picture to go to my profiles and read what our clients say about us. Pick the broker that you think is right for you. Of course I hope it’s me, but if not then best wishes!

Search on MLS here:http://www.thepremiumproperties.idxco.com/idx/3935/advancedS…

Highest and best regards.

Vincent Paige |REALTOR® | RE/MAX Showcase
Major, U.S. Army (Reserve)
Certified Broker Price Opinion Registered Agent (BPOR)
Florida Military Specialist (FMS)
8934 Conroy Windermere Road | Orlando, FL 32835
Direct: 407.256.8190 | Fax: 407.264.8073
E-mail: vince@thepremiumproperties.com
Search for homes here: http://www.thepremiumproperties.com
0 votes
, ,
Sat May 31, 2008
Sorry Lauro, 100% financing on conventional loans doesn't exist anymore. We're in a credit crisis.
0 votes
Denise Vegas, , 32837
Wed Apr 2, 2008
The easy way to figure this out ......online info is great!! BUT for a first time buyer you need guidance and repetition. There is so much info to be used. I know of great first time programs with the county 25,000 0r more towards down payment. Many programs available.
0 votes
Voices Member, , Orlando
Mon Mar 31, 2008
Lauro, there's a good chance you could qualify for a 0 down home purchase. It all depends upon your credit score, income and debt. I've helped a handful of homebuyers purchase with no money down already this year. The good news is that the FHA program allowing for 0 down is more forgiving of your credit score as well as ratios (monthly payment as a percentage of your income). Definitely, speak with a lender...and make sure it's one that works with FHA, because not all do. If you don't have a lender and need a good referral, I'm happy to help!
0 votes
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