Home Buying in Fairhaven>Question Details

Allison, Home Buyer in Wareham, MA

what loans have no money down? i have 606 for middle credit now. hoping it will go up soon

Asked by Allison, Wareham, MA Thu Feb 9, 2012

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Just to clarify the Mass Housing 100% program went away last year and currently financing is available up to 97%. There are down payment assistance programs you can look into though if you qualify

Many mortgage professionals have the knowledge and software and would be willing to explain what you need to do to improve credit as well.
0 votes Thank Flag Link Fri Feb 10, 2012
Go to your local non profit housing group for credit counseling. The counselor will go over your credit report with you. They will tell you what you are doing wrong and what you should be doing. Listen to them and when your score is 640+ you can think of buying.
0 votes Thank Flag Link Fri Feb 10, 2012
You need to speak with a lender to see what you will need to get you in a position to buy. How you can save money too.
0 votes Thank Flag Link Fri Feb 10, 2012
Hi Allison

I noticed you are looking to buy in Fairhaven. I have sold several homes in Fairhaven and it is a wonderful town.

If you would like to be put in touch with a fantastic local lender I would be more than happy to make the connection. I would give you the name of a lender I would refer my parents or sister to for financing. I only introduce someone I would personally use or refer my family to for a loan. I know that she would be able to help you with any of the following programs and putting in the time to help get your credit score up.

There are 3 programs for no money down financing -

- MassHousing - if you meet the qualifications financially, there is a 100% financing mortgage loan program available.

- VA loan - You need to be a current or former member of the military, reservist, national guard or a veteran.

- USDA - The USDA has a Rural Development loan and this program has an income limit and is geographically restricted. Unfortunately, Fairhaven is a town that does not qualifies for the USDA program. Of the other towns on the SouthCoast, Fairhaven, New Bedford and Fall River do not qualify. I am fairly certain that all other surrounding communities do qualify.

Good luck in your search. Feel free to contact me if you would like me to connect you or if you have any other real estate related questions.
0 votes Thank Flag Link Thu Feb 9, 2012
There are 3 no-money-down mortgage loan programs currently available.

1) The VA loan - this mortgage program is for military, reservists, national guard and veterans.

2) USDA Rural Development loan - this program is income and geographically restricted. You must meet USDA's income eligibility requirements, and the address of the property you want to purchase must be located in an area where USDA will agree to the mortgage. All of Cape Cod qualifies as well as most areas with a population of 10,000 or less.

3) MassHousing - MassHousing has a 100% financing mortgage loan program available.
Web Reference: http://www.LewCorcoran.com
0 votes Thank Flag Link Thu Feb 9, 2012
If you are a veteran I have VA loans down to 600 score and USDA down to 640. Feel free to call me fro any details on these programs.

0 votes Thank Flag Link Thu Feb 9, 2012
VA and USDA. Va is for veterans and USDA is for rural property but you need good/excellent credit.
0 votes Thank Flag Link Thu Feb 9, 2012
VA loans can have no money down. Other than that, it gets pretty difficult, though there may be some seller financing options or what we call Portfolio Options (with local banks) that may not be NO money down, but would be available for very little money down, but rather high interest rates?

Where and what are you looking to buy? I know of a couple condos in Marlborough that are with seller financing. I'd be happy to help if I can.
0 votes Thank Flag Link Thu Feb 9, 2012
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