Q. I have no money saved for a down payment, but I could certainly afford a monthly payment on a house. Do I have a shot at owning a home without a down payment?
A.With good credit, you do have a shot. Try these three approaches: (1) Check with a mortgage broker in your area. Your Realtor will be able to provide you with 2 or 3 names. Your state’s housing authority may have a program that provides buyers with a small 2nd mortgage (sometimes with very favorable terms) that covers the down payment. That, together with the seller paying your closing costs, could help you buy a home with no (or very little) money out of your pocket. (2) If you are a veteran of the U.S. military, check into obtaining a VA loan – again, little or no money out of your pocket. (3) Ask your Realtor if he/she is registered to sell HUD homes. Certain HUD homes can be purchased with $100 down.
A. Find a good Realtor and then talk with them. I usually advise my clients that the first step to home ownership should be speaking with a Mortgage Lender. Depending on your credit, local programs, etc…there might be an opportunity out there waiting for you. Again, do your research and be a prepared First Time Homebuyer. Good Luck.
A.Yes, you have a few options as a first time homebuyer. Contact a lender in your area. There are programs with 100% financing if you qualify. Good Luck!
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