We are wanting to buy a house but we do not have a down payment for a loan. We are first time home buyers. What is the best thing to do about this?

Asked by Samantha Heffington, Evansville, IN Thu Feb 23, 2012

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, ,
Sat May 4, 2013
Samantha:

Do you know how much house you can afford?
Have you been pre-qualified for a mortgage?

Talking to a mortgage professional is the first step. Your income, assets, and debt, will be calculated to determine how much house you can afford. Based on this you will know how much your closing costs will be. This way you know how much you should be budgeting towards the purchase of your home. If you would like to discuss other options please don't hesitate to contact me.

Have a great weekend.

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com
0 votes
Sandra Richa…, Agent, Indianapolis, IN
Fri Feb 24, 2012
Congratulations on making plans for your future! Buying a home is a big step and requires a lot of careful consideration and research. It's not just about surfing the 'net, finding a house you and calling up the agent to show it to you. That actually isn't the first step at all. Determining if you are emotional and financially ready to be a homeowner, in my opinion, is the first step. By working with a local reputable lender in your area, you will learn about what is available to you in terms of mortgages, and what is required to be approved for one. Your lender is one your your team members. The other is an experienced REALTOR who works with you to find the right home in the right area at the right price for you.

In regards to your question, as others have stated, there is the USDA 100% program for first time buyers, there is also the IHCDA programs offered by the state (my last buyers just bought with the IHCDA program) http://www.IHCDA.in.gov is the website that has lots of good information.


Good luck and if you would like a referral to an agent in the Evansville area to assist you, please let me know.
Web Reference:  http://www.SandraRichard.com
0 votes
Annette Levi…, , New York, NY
Fri Feb 24, 2012
Samantha,
If you can't save money, how will you pay a higher monthly housing expense? You know you will be paying your own utilities besides the PITI.
0 votes
David Mennen, , Indiana
Thu Feb 23, 2012
Samantha - hi my name is David Mennen, I am a mortgage broker that has offered USDA 100% loans for the past 11 years. Please call/ text me if you would like to be pre-approved for the USDA loan. 765-714-8894. Thanks
0 votes
Charlotte Fa…, Agent, Evansville, IN
Thu Feb 23, 2012
Hi Samantha,
There are some options. One may be USDA Rural Development Loan Program. You may reach me at (812) 629-5130 if you would like to talk. I would be happy to try and help you out in anyway possible. Thanks!
Charlotte Farley
House Hunter Realty
0 votes
John E. Mill…, Agent, Evansville, IN
Thu Feb 23, 2012
Samantha, hi. My name is John Miller and I am a Realtor with RE/MAX Midwest. I believe I may have a few options for you guy's if you would like to call me @ 812-618-5371, I would love to assist you with this. Thanks!
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