Home Buying in 92509>Question Details

Mrs Really W…, Home Buyer in 92509

hi there can anyone please let me know the chances of us getting a house with no down payment, as 1st time homebuyers?

Asked by Mrs Really Wanna House, 92509 Thu Sep 24, 2009

We are working with a friend of ours who is a broker it has been a process, we payed off a couple of debts we had, my credit is up there now ready to buy, but. . my husband as of 2 mths ago had 0 points we got a small loan from a credit union to build up his score.so thats where were at rt now,..oh ya im a stay home mom but he grosses $65-$70,000 a yr were a family of 6. .please let me know who i can speak 2 or our chances. .thank u

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Hi Mrs. Really Wanna House!

There is a program that works with FHA that only requires 0.5% down. On a $150,000 home that would amount to $750.00. The 3% remainder of the FHA 3.5% required down payment is financed with a second loan. Using the $150,000 purchase price, if you financed the $4500.00 down payment under this program, your payment for the second loan would be about $40.00 per month.

Let me know if you are interested in knowing more about this program!

Best wishes to you in your quest for a home!

0 votes Thank Flag Link Thu Sep 24, 2009
Speak to a mortgage person. It is possible your community or county offers some sort of assistance.

Better bet in my opinion is to get a family member to gift you the down payment and closing costs on an FHA loan.

Closing costs can be credited by the seller, NOT your downpayment. But it can be 100% gifted.

Otherwise, wait and save. Its okay to buy next year!
0 votes Thank Flag Link Thu Sep 24, 2009
Hi Mrs. Really Wanna Buy,
Good job on getting your credit in order. That is a very important first step in home ownership. Your best bet is to go with an FHA loan program. You can buy with only 3.5% of the purchase price as a down payment. That 3.5% can be from savings, or a gift from a friend or family member. There are even HUD homes now that only require $100 down payment! They are few and far between, but might be a good alternative for you.
Is your friend a loan broker or a real estate broker? That will let me know better who to direct you to for more assistance. Thanks, Liane
0 votes Thank Flag Link Thu Sep 24, 2009
Dear Mrs Really Want to Buy,
I see why you are feeling you are ready to go! Unfortunately because so much has happened in the lending industry, the zero down payment programs to help first time buyers has diminished. There are few city and county programs that help buyers with their down payment but sellers aren't willing to work with those buyers, mostly because the money has been exhausted by the time the buyer needs it. VA loans are the only loans I understand to exist with no money down, although closing costs are not always paid for by the seller leaving that for the buyer. My advise would be to save. You have already talked to someone about cleaning up your debt, now build up your savings. It will make purchasing a home more exciting when you know you are relying on yourself! Budget and save! Time WILL be on your side. Good luck!
0 votes Thank Flag Link Thu Sep 24, 2009
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