Are there ways you do not have to put a downpayment down on a home?

Absolutely. So long as you are able to qualify, and the purchase price doesn't exceed $1 million, you'll be able to secure 100% financing for a home in most cases.

Keep in mind that you will need to verify reserves for at least two months along with closing costs. This could range anywhere from $10,000 to $40,000, so even if a zero down loan, expect to verify some assets to your bank or lender.

Also note that most banks and lenders do not offer 100% financing for non-owner properties anymore. And you will likely need to get two loans, an 80% first with a 20% piggyback second. The rate on the second mortgage will probably be in the neighborhood of 12%, so don't be surprised when you see a double-digit rate.

Whether or not you can secure an 100% loan is not important. What is important is whether you can actually make the mortgage payments each month. Use a mortgage calculator, with a rate of say 7% on 80% of the purchase price, and 12% on the remaining 20% of the purchase price to figure out what the monthly cost will be. Be sure to add taxes and insurance as well. If you can't afford the total monthly payment, look for a cheaper property, or simply wait until you are more financially able.

Go for 80/20 ...each person will probably qualify for at least 10 different loan programs , more if you have great credit..

Lot's of good ways for creative financing available for people

yep but I don't think it's in your best interest
your mortgage will be insane
but then again...I have heard that CA has something like 60yr mortgages!

Yup, I'm 20, I got 0% down loan, it's a 80/20 loan basically you get two loans, I didn't even have to prove my income nor they check where I work. It was amazingly 0% down w/ no proof of income. They based my loan scrictly on my credit score, which was at 690 -700 when I got the loan. So it's SO possible. As long as you get a broker who can play witht he numbers and be creative. Best Of Luck!

Lender will give you money for sure. Probably charge you a higher interests rate and extra insurance on the loan for not having the down payment or good credit.

Would you consider delaying your plan? As housing market continues to slump, it might save you 10% simply by waiting for a few months. Another way to look at it, you can increase profit by 10% when you are ready to sell it.

http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514

As housing market continues to slump, if you don't plan to delay your plan, please interview several and pick a good realtor or agent.

Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now).

Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.

Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.

Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check!

Good luck!

Good article when you want to put in bid, negotiation.
http://biz.yahoo.com/brn/060909/19463.html

It is a myth that renting is always worst off than buying.

Rent vs. Buy as Housing Market Continues to Slump

As housing market slump, it is easier to calculate "Rent vs. Buy" scenario. Because "appreciation" is no longer a factor.

Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it.

If interests portion of the mortgage payment is roughly equal to rent of equivalent property, then it is a decent buy.

For example, let's buy a $500,000 condo with 0% down and apply interests only loan (just like renting a place). Mortgage payment would be $3250/month. It is a bad buy, because you can enjoy same property for $2000/month.

Please note that I assume the tax benefits from home cancel out fees from home association and property tax. For more accurate calculation, consult with your CPA or accountant. But NOT your realtor, whom will say anything to get the deal to go through.

And again, if you like a particular property, then paying more may be reasonable. You are the only person who can decide how much more premium you are willing to pay.

It depends on your credit score and the seller. Usually if you have even as low as a 580 middlescore you can get 100% financing. If you're looking to get financing visit wwwJustGetALoan.net you can recieve an approval within hours. or you can call me at 866 530 7300 ext 7305 or email me at jfreeman@bourdeaufinancial.com

Give me a call. I'm a licensed loan consultant. I work for Equityconsultants Our website is www.equityconsultants.com and our toll-free number is 8005469080 ext. 199
My name is rob Snodgrass

Yes, I did, and we did not pay our closing costs either. We went through USDA Rural Development program, here is a link:

http://www.rurdev.usda.gov/

Yes there is there are many down payment assistance programs you use such as HART and Ameridream.

Here are the links:

http://www.hartprogram.com
http://www.AmeriDream.org

Usually these programs require you to have a good credit score. Ask your loan officer if you qualify.

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