My wife and I make a good income and have good credit, but being recent college grads, we don't have much saved. Can we have little to no down?

Asked by Adam Gronewold, Streamwood, IL Mon Dec 23, 2013

After checking several online bank rates, a home loan would build equity and allow us to stop losing money hand over fist with apartment prices.

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Todd Gagliano, Agent, Barrington, IL
Wed Feb 26, 2014
The lender I use recently told me about a loan program he has that sounds like a perfect fit for you and it's conventional not FHA. This can be very advantageous based on the recent change to the FHA program requiring mortgage insurance for the life of the loan. You will need PMI on a conventional deal but my lender will pay for it upfront for you!
Let me know if you would be interested in speaking with him.
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Hank Wilson, Agent, Bowling Green, KY
Tue Feb 25, 2014
FHA loans will be right up your alley. Just need a little bit of money and proof of income. Contact a local Realtor and or a local Mortgage broker to get the answer to this question. They would be happy to help.
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Greg Olson, Agent, Arlington Heights, IL
Tue Feb 25, 2014
I work with some of the best lenders in the business. Programs are changing daily, but there are still many low down payment programs still available. Please feel free to contact me if you would like a list of lenders.
Greg/REMAX Suburban
Web Reference:
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Robert Hanson, Mortgage Broker Or Lender, Olney, MD
Thu Jan 30, 2014
There are several low and no down payment programs available. Let meknow if you would like to explore the pros and cons of the various options.
I'm available to help you at your convenience if you wish.

I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer, consider clicking on a “Thumbs Up” or “Best Answer”


Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
NMLS# 695929

Rate quote or live chat with me at the link below:
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Kawain Payne, Agent, Seal Beach, CA
Thu Jan 30, 2014
Hello Acgronewold,

There are FHA loan avail with as little as 3% down.

Your down payment as a first time buyer can also be a "gift" from a family member or friend. With tax season upon us, you guys may have a refund you can save towards buying a home.

Rents are very high, and in the long run you are going to be so much better off buying.

I wish you and your wife the very best!

Kawain Payne, Realtor
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Tejash Lodha…, Agent, Palatine, IL
Mon Jan 27, 2014
Yes, there are several options available for home buyers who cannot make enough down payment. You could make as low as 3% down payment depending on your credit score and if the property is qualified. On the flip side you will have to pay a Private Mortgage Insurance (PMI) which is blended in your mortgage rate if you pay anything less than 20%.
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Gail Bergstr…, Agent, Rolling Meadow, IL
Mon Dec 23, 2013

Great question Acgronewold. The only zero down payment program available is if you, or your wife have served in our armed forces (VA loan). There are other programs available with a minimum of 3,5% down. With the upcoming changes coming to the lending industry in 2014, I would urge you to get pre-approved now. If you & your wife would like more information, please contact me & we'll chat.

Warmest Regards

Gail Bergstrom
Accredited Buyers Agent - ABR
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Syuzanna Zak…, Agent, Arlington Heights, IL
Mon Dec 23, 2013

This is the time to buy, prices are still low, good rates and you can buy with 3.5% down. I have an outstanding loan officer who will definitely get you a loan. You can have a preapproval in as little as five minutes. Give me a call and I can help you get started.

Thank you and Happy Holidays.

Syuzanna Zakharchuk
Carrington Real Estate
157 Evergreen Ave
Arlington Heights IL 60004
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Herbert Stra…, Agent, Palatine, IL
Mon Dec 23, 2013
You can purchase a property with 3.5% down payment with a FHA loan please call me and I would be happy to help you. Herb 847-347-8304 Keller Williams Real Estate
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If you are looking for a loan with a low down payment, then a FHA loan may be the ticket (3.5% minimum down) but there are some recent changes that could make you pay thousands in extra fees.

New FHA borrows will need to have a credit score of at least 580 to qualify for the low down payment loan. If your FICO score is less than 580, you are not disqualified for a loan, but you will be required to put a minimum of 10% down.

Because you would be putting less than 20% down, you will be required to pay mortgage insurance. FHA has an upfront fee of 1.75% which is wrapped into your loan and a monthly fee of 1.30 % if the original loan amount to value is less than 95% and 1.35% if you put less than 5% down.

Typically, once you reach a 20% equity position, the PMI is removed. Not so with the new FHA loan changes. The insurance stays on your loan for the life of the loan for all new loans starting in June 3, 2013.

For example, if you are paying $112.50 (borrowing $100,000) per month in m
Flag Mon Dec 23, 2013
Geoff Ommen, Agent, Barrington, IL
Mon Dec 23, 2013
There are 3% and 5% programs, but those do come with additional insurance costs associated with them. The 4% loan rate that you see online is not going to apply to you. In most cases you will be closer to 5.5% with the insurance premium built in.

You will need to speak with a bank or mortgage broker to determine what you qualify for. I can refer you to one that would be able to best explain your options and help you evaluate what would be the best financial path for you long term. From there you can determine what the best course of action is.

Geoff Ommen
Broker Baird & Warner
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Andrew Malak, Agent, Palatine, IL
Mon Dec 23, 2013
Yes you can still get little money down. However, no $0 down.
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Andrew Malak, Agent, Palatine, IL
Mon Dec 23, 2013
Yes, to little down. There are no more no $ down.
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, ,
Mon Dec 23, 2013
Let's discuss your loan scenario in more detail.Contact me at 800 315 8803. My name is Bart and I have been in the mortgage business since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario.

Until then, I look forward to hearing from you.

Bart Gabe - 800 315 8803
Lending Nationwide Since 1987
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Greg Olson, Agent, Arlington Heights, IL
Mon Dec 23, 2013
Yes there are still 3.5% down FHA loans, 3% Homepath/Homestep Loans for Fannie & Freddie foreclosures and also 5% down conventional loans available. Give me a call on my cell at 847-977-7024 and I can give you the name of a few great lenders that can get you pre-approved.
Have a great day.
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