Home Buying in 78254>Question Details

Lapantera220…, Renter in San Antonio, TX

just curious if there are other programs for home buyers with 100% financing??? usda loans have an income limit and do not qualify. thanks

Asked by Lapantera22000, San Antonio, TX Sun Apr 14, 2013

Help the community by answering this question:


I would definitely speak to a lender directly to be sure you do not qualify. I have just helped out another buyer recently who thought the same exact thing but DID qualify.

May I suggest Vino Alonzo. The best thing to do is to ask so you are sure. There is no obligation. But the thing that holds people back is 'fear'. Don't let that be you.

Vino Alonzo
Castle & Cooke Mortgage
2 votes Thank Flag Link Sun Apr 14, 2013
If you are a veteran you have an opportunity for 100% financing. Also, some credit unions are offering 100% financing to strong credit score customers. I am working with a credit union now who is working on a military 100% down (not a VA loan), it's going quite well and we will be closing soon. Please contact me for more information on this loan.


1 vote Thank Flag Link Sun Apr 14, 2013
USDA has two programs available.....Direct and Guaranteed. USDA Direct is a loan you would apply for directly with a USDA representative. USDA Guaranteed is a loan you would apply for through a mortgage company and has higher income limits and offers ways to help buyers with eligibility.
Income limits for a USDA Guaranteed Loan in the San Antonio/New Braunfels, Atascosa County area are:
Family of 1-4 persons $74,750
Family of 5-8 persons $98,650

USDA allows a family to deduct certain costs from their annual income to aid in being eligible. For example, each family member receives a $400 per year deduction from the Annual Eligible income for medcial expenses. Also, if a family pays child care, they receive a DOLLA FOR DOLLAR deduction from their Annual Eligible income.

Let me know if you are still over the income limit based on this information.

The only other program out there for 100% financing is a VA loan which is available to eligible military veterans.

Please contact me to discuss your situation and to determine your options.

Vino Alonzo, Loan Officer
NMLS# 184279
Castle & Cooke Mortgage
1 vote Thank Flag Link Sun Apr 14, 2013
thank u for this information. we actually already tried the usda loan and went over by 3,000 to qualify. we do not know if there are other programs available for first time buyers or even with the builders in the area that we could qualify. we live in the northwest side of town 78254. if there are any information you can email us we would appreciate it. email: lapantera22000@yahoo.com
Flag Mon Apr 15, 2013
Some credit unions are doing this now. Eg. Navy Federal http://www.naplesrealesateguys.com
0 votes Thank Flag Link Sun Apr 14, 2013
Unfortunately, most DPA (down payment assistance) Programs have income limits. If you don't qualify for the USDA RDL, then most likely you won't qualify for other programs like:


Best of Luck!
0 votes Thank Flag Link Sun Apr 14, 2013
The lowest 3% down payment conventional program is available for you if not the FHA 3.5%. I believe thats all the choices so far.
Laila Abdulla
0 votes Thank Flag Link Sun Apr 14, 2013
There are several programs out there, but all have specific qualifying. Whay do you need zero down? If you income is over the limit then you can save up the downpayment for FHA quickly and buy in a few months!
0 votes Thank Flag Link Sun Apr 14, 2013
Currently there are only two options for 100% financing:

USDA & VA loans both you've too meet the eligibility requirements.

Here's a link to a few lenders who could assist you in exploring all your options http://sahomestx.com/Lenders

Best Regards,

Johnny E Williams
0 votes Thank Flag Link Sun Apr 14, 2013
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