Can you buy a house with no down payment?

is it possible to buy a house or condo with no down payment?would it help if you have good credit and your credit score is 758?

There are still a few lenders that are still doing 100% loans. You have to find a mortgage broker or banker to see if you qualify for such a mortgage.

Remember that because you could be approved for a 100% loan does not mean you will not have to come out of pocket with some expenses. You have closing cost such as escrow closing fees, title insurance fees, home owners insurance, county taxes that will be prorated.

Some or all of these fees could be requested to be paid by the seller. The seller might do this. The lender on the other hand might want to see you pay your own closing cost since you are getting a 100% loan.

Make sure this is a question answered by your loan broker/banker.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book. Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

Make sure your mortgage broker explain all your options so you may make an intelligent decision.

What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

So select the best option for you and your financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

I hope this has been of some use to you, good luck

"FIGHT ON"

Yes,you can buy one in some cases with zero down.Also just to let ya know how little you can put down i put $250.00 down on mine that was all.Financed the rest.Hope it helps

Absolutely. My husband and I got an RD (rural development) loan, and all we paid in was our $500 earnest money, some of which we got back. We got a low fixed-rate and are having no trouble making the mortgage payment. Contact a REPUTABLE mortgage broker (not one you find online), and see what they can do for you. If not for the broker we used, there is no way we would've been able to buy a house.

I purchased my house with NACA. I love the program. 2005 my husband and I went though the program. We didnвЂ™t have any credit issues so we were qualified quickly. We went to the closing table with a check for $2800 and that was for our interest rate buy down, interest and taxes.

Here what you need to know: You will need to sign up or a workshop by going online to www.naca.com or calling 1-888-302-6222. Attend the workshop that is four hour long and please stay for whole time, because at the end you will be giving a appointment. Page 30 has a listed of documents you will need to provide to the counselor on the first appointment if possible. You do have a membership fee and credit report that you can pay online or at the office for your first session. Allow yourself about 1 hour and half for the first session. At the end of this first appointment you will be giving a task list. Saving is SO IMPORTANT DURING THIS TIME. If you have a payment shock please save the funds and you will be okay. Fax in your updated docs and your counselor will see it cause they will be a email to let them know you sent it. Volunteering will keep your file on the counselor mind and shows the counselor that you are serious about the program. If you complete the task list and you donвЂ™t have any other issue come up your file will be submitted to the underwriter. Once your file is approved you will be sent to a purchase workshop to educate you to the house hunting process.

NACA has not has NO closing cost, NO down payment, NO perfect credit required and NO PMI. NACA does have NSF (Neighborhood Stabilization Fund), it help you not the mortgage company. The NSF is a whole lot less then the PMI required by traditional mortgage company.

Absolutely!! if you've got good credit & a score of almost 760 you should be just fine. call a realestate agent today if you really are serious about wanting to buy . It's a buyers market right now & you should fair out well.

It has been done for the past several years, unfortunately with some disastrous results for those that got in with no down payment and now cannot refinance into better rates or sell because the property is worth less than they purchased it. Most lenders have done away with the 100% purchases (which was two loans combined usually to cover 100% financing), but FHA allows 3% down payment- and funds can be gifted, and FNMA announced effective June 1, they will also allow 3% down payments.

Unless you are a veteran than no. But a down payment for a condo isnt much my friend used $5000 plus the inital 1000 for the good faith payment. for a 2 bedroom but also has a really good job and actually is doing well in the stock market (I have no clue which stocks she has cuz of the economy).

Save up!

Depends on where you live. There are 80/20 loans for first time home buyers but you have to have a high FICO score and steady income which you can prove. It is pretty difficult to get these loans but not impossible. Contact a local real estate agent, they can help you.

Last year or two years go, maybe. Have you heard about the credit crisis and sub-prime mess? Too many people owning houses they couldn't really afford, and with little or no equity. Forger about it, unless you can borrow a down payment from a family member.

yes if you have good credit you can find lenders that will do a twenty/eighty loan. the twenty percent would be your downpayment and the eighty would be for the rest. we did this with our house you will have two seprate payments. my advise is to go to a mortgage place like mymortgagepro they will do all the dirty work of finding a lender for you

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