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kathylittleton
Dick and Kathy Littleton
Realtor/Broker
    Years of Experience: 38 Combined

    GRI - Graduate, Realtor Institute
    CRS - Council of Residential Specialists
    ABR - Accredited Buyer's Representative
    SRES - Senior Real Estate Specialist

Direct: 931-920-6775

Office: 931-503-8000



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Prudential PenFed Realty
2503 Wilma Rudolph Blvd.
Clarksville, TN 37040
931-503-8000


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Can a First Time Home Buyer Purchase Without A Down Payment?

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!

Article provided by Realtor.com®

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