Is it possible to buy a home with no money down? How much money is necessary for closing cost?

Asked by Ilsa, Turlock, CA Thu Mar 12, 2009

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Bill Eckler, Agent, Venice, FL
Fri Mar 13, 2009
The days of zero down are gone but not forgotten.......An approximate closing cost amount will be in the 1.5 % neighborhood.
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Nate Harimoto…, Agent, Westlake Village, CA
Thu Mar 12, 2009
Hello,
I believe the only possible loan program at this time with no downpayment is a VA loan (Veterans). FHA loans are 3.5% minimum downpayment. Closings cost can vary from 1.5% to 2.0% of the purchase price. It will depend on a few variables, such as points (1 point is 1% of loan amount) paid on the loan. Talk with a local mortgage broker and they should be able to produce estimated cost sheets outlining estimated closing costs for different purchase prices.
Best Regards,
Shane Haas
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