I will be searching for a home in the next couple of months. I do have one question. Is there any chance I could get into one of these homes?

Asked by Patricia, Vacaville, CA Mon Jan 16, 2012

I will be searching for a home in the next couple of months. I do have one question. Is there any chance I could get into one of these homes with a 3 % down? Please let me know/ Thank you, Patricia

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Bob Jakowini…, Agent, Livonia, MI
Thu Jan 19, 2012
Patricia, it would be a good idea to consider sitting down with a local real estate agent who knows your local market well. They will give you the basics you are looking for and should know if your local area offers any other specials that might benefit you (neighborhood stabilization programs, etc).
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Sameer Punja…, Agent, Vallejo, CA
Thu Jan 19, 2012

True, I haven't seen the $100 Hud program in this area either.
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Dianne Langs…, Agent, Fairfield, CA
Thu Jan 19, 2012
Good information and direction on the advice to consider purchasing a HUD owned home. However, the $100 down program is not available in this area.
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Marco Gomez &…, Agent, Jackson Heights, NY
Thu Jan 19, 2012
The minimum downpayment for an FHA loan is 3.5%, which also allows a 6% sellers concession.
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Dianne Langs…, Agent, Fairfield, CA
Wed Jan 18, 2012
I am not certain as to which homes you are inquiring about, but as long as they don't exceed the maximum FHA loan you should be okay. Solano County has a high percentage of transactions completed with FHA financing. Have you spoken to a lender to determine the amount you can borrow, or to find out what you monthly payments woudl be? Let me know if you have more questions. Text me at (707) 580-1585.
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, ,
Tue Jan 17, 2012
Hi Patricia,

You may have a couple of different options.
FHA requires 3.5% down so you're pretty close.

Another option, if you can find it, is to purchase a HUD owned/foreclosure which would allow you buy with an FHA loan with just $100 down.

Depending on where you want to buy, a no money down USDA mortgage could be an option.

The down side here is that the home has be located in an eligible area and you have to meet the county income limits. The out skirts of Vacaville are eligible which you can see here: http://eligibility.sc.egov.usda.gov/eligibility/eligibilityA…

There are some great benefits in addition to the no money down aspect.
The USDA program has lower monthly mortgage insurance when compared to an FHA loan and it also allows you to roll your closing costs into the loan as long as the appraised value supports it.

Feel free to contact me if you would like more info or have any questions.
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Sameer Punja…, Agent, Vallejo, CA
Mon Jan 16, 2012

Hello, there are still the FHA loan programs out there that have a 3.5% down payment program. But act fast because loan guidelines are getting more strict. They usually require a 640 fico score and a two year job history. If you need to talk to a lender, click my on profile and I can get someone local who can explain the whole process. If you don't have an agent yet, feel free to check out my website at http://www.mygpsagent.com and you can search for homes there. I also have a step by step buying guide that explains from start to finish.

Web Reference:  http://www.mygpsagent.com
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