Financing in Rockville>Question Details

Sue, Home Buyer in Rockville, MD

Is it possible to purchase a home without 20% down?

Asked by Sue, Rockville, MD Mon Jan 19, 2009

We have just moved to this area and would like to buy a home. However our house that we lived in has not sold. We do have it rented. The amount i get for rent covers my mortgage.

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Sue, the first thing you should do is sit down with a loan officer. While it's possible to get a loan with less than 20% down, being able to get the loan when you own another property may pose some difficulties, even though you have the house rented and it covers that mortgage. A qualified loan officer will be able to look at all the numbers and let you know what can be done. Hope that helps!
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1 vote Thank Flag Link Mon Jan 19, 2009
Yes, everything old is new again. Talk to your lender about FHA, you need to have verifyable income, a track record of paying your bills and some out of pocket money for a downpayment.
0 votes Thank Flag Link Wed May 19, 2010

Yes, as previously mentioned, consider looking into a FHA loan that requires a 3.5 % deposit.
0 votes Thank Flag Link Tue Jan 20, 2009
Absolutely! You can purchase a home with less than 20% down. In fact, FHA offers a great program for buyers with limited resources -- only 3.5% is needed, and much of that can come from a "gift." I'm hosting a free FHA & Home Buyer Seminar on Feb 7. Please feel free to contact me if you'd like more details. I can be easily reached at 301-320-8349.

Robyn Porter
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0 votes Thank Flag Link Tue Jan 20, 2009
Yes. FHA offers loans with as little as 3.5% down, and Conventional can still be done for 5-10% down depending on the market.

I am a mortgage broker. If I can be of further assistance, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
0 votes Thank Flag Link Mon Jan 19, 2009
Hi Sue

Yes it is!!! .. Currently FHA requires you to put down 3.5% of your own money. However, there are many bond programs available as well that can assist with a down payment. VA loans have 100% programs still available. There is a lot that is out there to make home ownership a reality. I would be happy to discuss further with you so please do not hesitate t contct me at 301-518-0994 or email me at! Thanks Sue and Happy Monday!
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0 votes Thank Flag Link Mon Jan 19, 2009

I am Jon Tucker with RE/MAX 100. Yes you can buy a home without 20%. FHA loans at 95% are still available. I have several good lenders I can refer you to who give good rates and fees to get our referrals. I would love to work with you to find a great home. Give me a call or email., 443.538.4316, I have several great automated search tools to find a great home at a great price.
0 votes Thank Flag Link Mon Jan 19, 2009
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