Posted on: 03rd Jul, 2005 11:58 pm
can i buy a house without down payment?
Hi Leonardo
Welcome to
MortgageFit forum.
"can i buy a house without down payment?"
Yes, you can definitely buy a house without any down payment. But it depends on whether your lender offers you that facility.
In earlier years, except VA loans no other loan allowed zero down payment. But in recent times there are a number of lenders offering loans with zero or low down payments.
In case you avail a loan with zero down payment, you will have to accept higher interest rates.
Wish to receive your feedback soon.
Regards,
Adonis
Welcome to
MortgageFit forum.
"can i buy a house without down payment?"
Yes, you can definitely buy a house without any down payment. But it depends on whether your lender offers you that facility.
In earlier years, except VA loans no other loan allowed zero down payment. But in recent times there are a number of lenders offering loans with zero or low down payments.
In case you avail a loan with zero down payment, you will have to accept higher interest rates.
Wish to receive your feedback soon.
Regards,
Adonis
please let me know how to get a low down payment loan?
Hi Guest
You may get a low down payment loan from
the Fannie Mae which offers 3% down payment on 25 or 30 year mortgages.
The Federal Housing Administration of the
Department of Housing and Urban Development also offers loans with down payments of 3% to 5% of FHA appraised value or the
sale price whichever is lower. The FHA often allows 100% gift funds to help borrowers in making the down payments. These
loans are serviced by private lenders.
If you are a qualifying veteran, you can avail the VA loan with no down
payment. For more information on this, you may visit the Home Loan Guaranty Services page on the website of the U.S
Department of Veterans Affairs.
There are also several state or local housing agencies that sponsor loan programs
with low down payments. Some of these agencies often assist in making down payments.
Hope this information will
fulfill your requirement.
Regards,
Jessica.
You may get a low down payment loan from
the Fannie Mae which offers 3% down payment on 25 or 30 year mortgages.
The Federal Housing Administration of the
Department of Housing and Urban Development also offers loans with down payments of 3% to 5% of FHA appraised value or the
sale price whichever is lower. The FHA often allows 100% gift funds to help borrowers in making the down payments. These
loans are serviced by private lenders.
If you are a qualifying veteran, you can avail the VA loan with no down
payment. For more information on this, you may visit the Home Loan Guaranty Services page on the website of the U.S
Department of Veterans Affairs.
There are also several state or local housing agencies that sponsor loan programs
with low down payments. Some of these agencies often assist in making down payments.
Hope this information will
fulfill your requirement.
Regards,
Jessica.
i don't have a large down payment. other than low down
payment loans, is there any other way to get into a home?
payment loans, is there any other way to get into a home?
Hi Simon
Welcome to
MortgageFit forum.
Let me assure that you can easily buy a home even without a large down payment. Even if you don't
intend to go for low down payment loans, you may still consider any of the options suggested
below:
Equity sharing: This is a kind of joint ownership between the occupant and the
investor. The resident partner gets the loan, makes the monthly payments and also maintains the property. The down payment is
provided by the non-resident partner. After a certain period, say 5 to 7 years, when the property is sold, the mortgage loan
balance is paid off, and the profit is shared by the two parties.
The Employer-Assisted Housing Program
: This program is designed to assist employees with home ownership by providing the closing costs and/or down
payment. Several down payment assistance options are available to an employee. In this program an employee receives payments
from the employer so that they can hold a mortgage or rent.
Lease option: You may opt
for a lease option which allows you to make an agreement with the seller such that you can lock in the future purchase price,
put aside money for the down payment and buy the property in future. A lease-option is an agreement between a buyer and a
seller that allows the buyer to lock in the future purchase price, save money for a down payment and buy the property in the
future at current prices.
Seller financing: This can be good option in case you don't go
for a low down payment loan. In this case, a seller finances a part or whole of the property when a buyer fails to qualify
for a conventional loan. Seller financing allows you to acquire the loan without lender fees, loan points and other
fees.
We hope that you will be benefited from this information.
Please let us know about your
feedback.
Regards,
Sam
Welcome to
MortgageFit forum.
Let me assure that you can easily buy a home even without a large down payment. Even if you don't
intend to go for low down payment loans, you may still consider any of the options suggested
below:
Equity sharing: This is a kind of joint ownership between the occupant and the
investor. The resident partner gets the loan, makes the monthly payments and also maintains the property. The down payment is
provided by the non-resident partner. After a certain period, say 5 to 7 years, when the property is sold, the mortgage loan
balance is paid off, and the profit is shared by the two parties.
The Employer-Assisted Housing Program
: This program is designed to assist employees with home ownership by providing the closing costs and/or down
payment. Several down payment assistance options are available to an employee. In this program an employee receives payments
from the employer so that they can hold a mortgage or rent.
Lease option: You may opt
for a lease option which allows you to make an agreement with the seller such that you can lock in the future purchase price,
put aside money for the down payment and buy the property in future. A lease-option is an agreement between a buyer and a
seller that allows the buyer to lock in the future purchase price, save money for a down payment and buy the property in the
future at current prices.
Seller financing: This can be good option in case you don't go
for a low down payment loan. In this case, a seller finances a part or whole of the property when a buyer fails to qualify
for a conventional loan. Seller financing allows you to acquire the loan without lender fees, loan points and other
fees.
We hope that you will be benefited from this information.
Please let us know about your
feedback.
Regards,
Sam
Hi,
yes, you can buy home without down payment.Like FHA Loan, VA Loan, etc.
1) If you are first time home buyer then FHA Loan isbetter for you.
2)Neighborhood Advantage no down payment loans : this another option to give 100% finance but it has some condition apply but its flexible.
3)VA : this another option to provide you less or zero down payment .
Dear frnd lot loan paln to solve your problem
Pls go through http://www.nva-mortgage.com/no_down_payment_loans.htm
Regards
Dilip
yes, you can buy home without down payment.Like FHA Loan, VA Loan, etc.
1) If you are first time home buyer then FHA Loan isbetter for you.
2)Neighborhood Advantage no down payment loans : this another option to give 100% finance but it has some condition apply but its flexible.
3)VA : this another option to provide you less or zero down payment .
Dear frnd lot loan paln to solve your problem
Pls go through http://www.nva-mortgage.com/no_down_payment_loans.htm
Regards
Dilip
low down payment loans exist across the country. most are targeted at first time homebuyers. you can check with your state government to find out if your state has such a program.
as for what's available otherwise; yes, va loans go to 100% of purchase price. fha loans require 3.5 per cent down payment. usda loans will allow you to receive 100% of the price. conventional products offering zero down have disappeared.
as for what's available otherwise; yes, va loans go to 100% of purchase price. fha loans require 3.5 per cent down payment. usda loans will allow you to receive 100% of the price. conventional products offering zero down have disappeared.
