Posted on: 24th Mar, 2009 09:06 pm
i don't have a down payment, but i pay 550 amonth to live in an apartment the size of a shoebox, that the living room is unlivable because of leaks, the windows are falling out of the walls, all my cloths are ruined becasue the one closet in the whole place leaks and by the time i noticed alot of pieces had mold spots, is there a such thing as a house payment of 600.00?
Hi jlilolme,
No down payment loans are available in today's market, you will hardly find lenders offering this. You will have to give a down payment of at least 20% in order to get a mortgage. You have mentioned that you don't have a down payment. In that case, you can check out the down payment assistance programs. These programs help people with low income to cover the costs of down payment.
No down payment loans are available in today's market, you will hardly find lenders offering this. You will have to give a down payment of at least 20% in order to get a mortgage. You have mentioned that you don't have a down payment. In that case, you can check out the down payment assistance programs. These programs help people with low income to cover the costs of down payment.
adonis, 20% is not necessary in this marketplace. with fha loans, a borrower can put as little as 3.5% down. i definitely agree, however, with your statement about down payment assistance programs.
jlilolme, depending on what state you live in, there may be programs that would allow you to borrow all the funds you need. let us know where you are, and we can provide that information.
also, you asked about a payment of $600...frankly, what you'd have to do is purchase something quite inexpensive in order to get your payment that low. when obtaining a mortgage, your monthly payment would include the loan itself, plus taxes, homeowner's insurance, mortgage insurance and a sum for payback of the down payment assistance in some plans.
jlilolme, depending on what state you live in, there may be programs that would allow you to borrow all the funds you need. let us know where you are, and we can provide that information.
also, you asked about a payment of $600...frankly, what you'd have to do is purchase something quite inexpensive in order to get your payment that low. when obtaining a mortgage, your monthly payment would include the loan itself, plus taxes, homeowner's insurance, mortgage insurance and a sum for payback of the down payment assistance in some plans.
If you would have gotten a home about two years ago then you could have gotten a home with no down payment. But no down payment does not mean that you were not going to have to take money to the closing table.
Keep in mind that even if you found a house for lets say 70k, well with wanting to pay $600 a month, your credit must be in decent order and you would probably be able to only afford a house for that much. If a bank tells you that you need at least 5%-20% down. Keep in mind that this only for the house. That does not include your taxes and insurance and closing cost that must be paid at closing. Most of the times, these fees alone total anywhere from $1,500- $4,000 depending on the type of house, the area of the house and the cost of the house.
There are many more key factors than the down payments alone. So, you must save in your want to buy a house.
Good luck!
TaWana
http://www.tawanastegall.com
Keep in mind that even if you found a house for lets say 70k, well with wanting to pay $600 a month, your credit must be in decent order and you would probably be able to only afford a house for that much. If a bank tells you that you need at least 5%-20% down. Keep in mind that this only for the house. That does not include your taxes and insurance and closing cost that must be paid at closing. Most of the times, these fees alone total anywhere from $1,500- $4,000 depending on the type of house, the area of the house and the cost of the house.
There are many more key factors than the down payments alone. So, you must save in your want to buy a house.
Good luck!
TaWana
http://www.tawanastegall.com