Im looking to purchase a home in the Dallas area as a first time buyer.

Asked by Sam, 75001 Sat Jan 3, 2009

My credit score is 740 and annual income 80k. no debt. now the only problem is that i have no down payment (due to paying off all of my debt). what are my options? can borrow money from parents, but would like to try to do it on my own.

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Kenneth "Ken…, Agent, Dallas, TX
Fri May 6, 2011
Check with any lender and they will pre-qualify you for free and give you all the information you need and what you will need to get closed.


Turtle Creek Realty
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Susie Reichl…, , Dallas County, TX
Fri Apr 1, 2011
You cana do it on your own. I have recently been certified for a zero down, zero closing costs loan that will be below market rates.

You cna buy uo to $200.000.

Give me a call for a complimentary consultation.

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Tonya Brobeck, , Everett, WA
Mon Mar 15, 2010
"if they know about it"
Who? If the lender knows about it? Really? I've had a several clients borrow down payment from their parents and the lender knew. Perhaps they converted it to be disclosed as a "gift"? IDK....

It looks like the post got resurrected March 13 LOL
I don't always notice the dates, sometimes, not always. Guessing Sam is taken care of now lol
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, ,
Mon Mar 15, 2010
Yes, I have seen people borrow from parents for down payment.... But the loan guidelines prohibit it if they know about it.

*How'd this old post get bumped*
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Tonya Brobeck, , Everett, WA
Mon Mar 15, 2010
Yes Sam you can borrow money from your parents as the down payment. You will want to talk to a local lender to get more details, as an agent, I have seen this done on FHA loans. There were USDA loans that offered zero down, I've heard they ran out of money, but again check with a lender to confirm/verify which loan programs are good for you.

You sound like you've got your ducks in a row. Good job on the credit score & debt to income. Best of luck to you!
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Dan Chase, Home Buyer, Texas City, TX
Mon Mar 15, 2010
This was over a year ago, did you save up your own down payment, borrow from family, or wait to buy?
0 votes
, ,
Mon Mar 15, 2010
You cannot borrow the down payment. Unless you borrow it from yourself(401K loan).
Otherwise, you can sell an asset or get a gift from family.
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Michael Russ…, , 75006
Sat Mar 13, 2010
Congrats on being debt free! Now you want to go right back into it full tilt? I would rent and save up a down payment to ensure a positive net worth. Why not, you worked hard to get there. Debt is debt and in real estate being fully leveraged means, p.m.i., unliquid(can't walk away with out paying in), higher interest rates, etc. Best of luck
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Kupke & Tack…, , Plano, TX
Thu Aug 27, 2009

As a first time home buyer you should qualify for the federal first time home buyer tax credit.,,id=206291,00.html

The maximum credit is $8,000, but it phases out between income of $75,000 ($8,000) and $95,000 ($0). At $80,000 gross income you would qualify for a $6,000 credit. There is a Texas program to provide a short-term loan so that you can use this for your down payment.…

You should consider an FHA loan which requires a 3.5% down payment. You can buy a $171,000 house with an FHA loan and a $6,000 tax credit.

There are other options available, but this may be your best choice. Give me a call at 214-288-6608 and I will discuss all of your options with you.

All my best,
Joe Kupke
0 votes
Bruce Lynn, Agent, Coppell, TX
Sun Jan 4, 2009

Depending on where you live and where you want to buy there may be programs available for you to use. The loan guidelines are changing all the time. The best thing to do at this point is get with a good loan officer and get prequalified and find out the various options they can work for you. I work with a couple of excellent loan officers if you would like a referral.

Bruce Lynn
Prudential Texas Properties
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0 votes
T.E. & Naima…, Agent, Dallas, TX
Sun Jan 4, 2009
Depending on where you want to buy there are programs available to provide a down payment to you as a first-time home buyer. The traditional seller-assisted down payment programs were outlawed a couple of months ago. This means that the seller of the property cannot give or loan you money to put down.
Conventional loans are only providing up to 95% of the value of the property, which would leave you 5-7% short, depending on how much the seller is willing to pay of your closing costs.
VA- and FHA-guaranteed loans can provide a smaller down payment. 3.5% for FHA and actually 0% if you're a veteran.
The good news is that true down payment assistance is not outlawed. You can still get a gift or loan from your family, and there are real non-profit and government agencies providing funds to cover the down payment, meaning the 5% or so.
The government versions or grants do have income limitations, which may preclude you, but you can always get family help.
You need to speak to a loan officer about your situation to determine your best course of action.
There are some other options I did not mention here.
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Mattye P. Sm…, , Dallas, TX
Sun Jan 4, 2009
Hi Sam,

You have some important factors in your favor. some Builders are willing to assist you with Down Payments/and you may also consider Seller's Second.

Contact me and let's discuss your options, we are a Full Service Firm with a Mortgage Company, Builder and Insurance. I also offer a rebate program for first time home Buyers.

Best regards,

Mattye P. Smith

American Realtors
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, ,
Sat Jan 3, 2009…

A friend of mine wrote a great article about this topic.

Let me know if you have any questions
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Nathan Konop…, , Dallas, TX
Sat Jan 3, 2009

I am an agent and my team works just about anywhere in the DFW. In September of 2008 the Down Payment Assistance Program ended. With the DPA you were able to roll all closing costs and the down payment into the loan. I have been told that a similar program will be coming back in 2009. With your credit score and income you definitely qualify. There are also some builders that will allow you to roll in the down payment. You can get a great deal on a brand new home, especially if it is already built and the builder needs to get rid of their inventory so they can build more.

Hope this helps. Drop me an email if you need more info or would like to see some homes that are out there.
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