I want to purchase a home however I do not have enough for a downpayment

Asked by Lapropia96, East Flatbush, Brooklyn, NY Thu Jul 7, 2011

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Fri Jul 20, 2012
Dear Lapropia96,

If you are a Veteran of the Armed Forces and you qualify for VA Guaranteed mortgage financing, then eligible Veterans are permitted to financing up to 100% of the purchase price of the home. That means no down payment.

For other HomeBuyers, Non-Veterans, the program for qualified Homebuyers with the lowest down payment requirement currently is the FHA or Federal Housing Administration. The FHA Insures mortgages made by banks and Mortgage Bankers and allows for a down payment of only 3.5%. http://portal.hud.gov/hudportal/HUD?src=/topics/buying_a_home

After FHA, Conventional financing through either FannieMae or FreddieMac allows for a minimum down payment of 5%. The Lender will need to obtain approval from a Private Mortgage Insurance company (PMI) to complete the loan approval.

The best way to have your questions about down payment and mortgage qualifications answered is to locate a local Mortgage Banker with at least 15 years experience. Mortgage professionals like myself who work for local Mortgage Bankers are Licensed as opposed to the registered status of sales people at regular banks. Thus you will receive a higher level of service which is just what a First Time HomeBuyer needs.

I hope that helps!
Trevor Curran NMLS #40140
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Summer Selma…, Agent, Brooklyn, NY
Mon Apr 16, 2012
I can help you with that. There are many ways to get financing with no money down.
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Charles D'Al…, Agent, Brooklyn, NY
Thu Jul 7, 2011
If you are qualified and do not have enough down payment you can get a gift from family members, there are als grant available . As always I suggest to you to speak to a mortgage professional to get your options! Below is a link to http://www.brooklynrealestateblog.com and, 9 Tips for First-time Brooklyn New York Home Buyers check it out.
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Anna M Brocco, Agent, Williston Park, NY
Thu Jul 7, 2011
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Pat Champion, Agent, Mount Dora, FL
Thu Jul 7, 2011
There are programs available you may be able to qualify for a home with little or no money down. Contact an Agent in you area who will be able to help you through the home buying process.
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Jack Menashe, Agent, Brooklyn, NY
Thu Jul 7, 2011
Consider an FHA condo. Lower down payments & interest rates!

Let me know what area you are interested in...


Jack Menashe
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Mitchell Fel…, Agent, Brooklyn, NY
Thu Jul 7, 2011
Dear Lapropia96:

If you are qualified there are government and other types of grants you can try to get, but it is a lot of work and hard to qualify. It would be worth the effort if you do qualify. Your best bet would be to research that on Google. If you are a veteran, you can also purchase a home with no money down.

Aside from that you will probably need to come up with at least 3% down. You can get that money from family members as a gift if need be (or if possible).If you have further questions fell free to contact me, I would be more than happy to help. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
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Gail Gladsto…, Agent, 11743, NY
Thu Jul 7, 2011
There are some sellers who are willing to do "seller concessions" which cover a significant amount of money and there are certain government loans that require minimum amounts of downpayment.

Please give a call to Dominick Sutera of Academy Mortgage... 516-249-4800 x 223 or his cell at 516-655-2900. Not only will Dominick explain it all to you, he will assist you in any way possible.

Web Reference:  http://gailgladstone.com
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