Home Buying in Oxford>Question Details

Oxford36, Home Buyer in 36203

Is it possible to buy a house without any down payment or very much less down payment? anyone can help me. thank's!!!!

Asked by Oxford36, 36203 Mon Dec 6, 2010

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There are a number of conventional ways to put little or nothing down. As a previous answer notes, FHA only requires 3.5%. There are a number of state, city, and other programs that provide downpayment assistance. If you're a veteran, VA loans provide 100% financing. A good lender or Realtor can give you the various options for your area.

Then there are all the "creative financing" methods--owner financing, lease-option, lease-purchase, contract for deed, wrap mortgages, "subject to" deals, and so on. Or equity sharing, where you purchase with someone else who puts up the money for the down payment. Some Realtors understand these techniques and are comfortable with them. Others aren't. You just have to search around until you find one.

Hope that helps.
0 votes Thank Flag Link Mon Dec 6, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
There are many different loan products that offer solutions, such as an FHA firsttime homebuyer loan for 3.5% down, so talk to a local mortgage lender to find out your options. If this is still too much for you I would contact your local housing authority as they may be able to help you qualify for a low to moderate/low income loan with the possibility for zero to very little down.

Good luck to you!

-Sunny Fellman, Realtor
Cape Cod, MA
sfellman@kinlingrover.com
0 votes Thank Flag Link Mon Dec 6, 2010
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