How can we become first time home buyers with little to no money down?
91124
I attended a workshop given by the USDA. It seems they have loans available for little or no money down. To me, it seemed like a very good program. Try this website for more info. http://www.rurdev.usda.gov/
595011
There are plenty of options available to you.\n\nThere is a great free report at http://www.first-time-homebuyers-loans.com that will point you in the right direction.  It is very helpful, but to big to copy it here.\n\nGood luck,\n\nGreg
747202
First time buyers sometimes qualify for no or low downpayments, but the interest rate depends on the lender.\n\nBeing single and female doesn't make as much difference as how much you can afford to pay every month, your credit record, the selling price of the property and the value of the property.\n\nThe best deals on financing occur when the value of the property is 80% of the amount financed.  This is usually done with a 20% down payment, but if you can't afford that now, you can always refinance later after you build equity and credit.\n\nBottom Line:  Find a realestate agent or loan agent you can trust (referrals are the best way) and get their help.  They are professionals and you don't have to pay them directly out of pocket.  They earn their money as a percent of the value of the deal.  No deal, no charge.\n\nGood luck!
484080
Two ways.  1) start with local lenders.  They usually have in house first time homebuyer mortgage products offered to the low to mod income homebuyer unless you purchase in a targeted neighborhood and then there are usually no income limits.  Typical program is low down payment, allows grant usage and may give assistance or a loan for closing costs.  2)Contact a local housing counseling agency.  For a list of agencies go to www.hud.gov.  \nThey offer housing counseling (so you know what you're doing) and may have down payment assistance or direct you where you can apply.
1038451
The first step is to talk to a mortage broker or banker.  You will need to be able to provide proof of income, and they will run a credit report.  If you're debt-to-income ratio is steady, and you have good credit, you may be able to do 100% financing with 6% seller assist.  The interest rate may be higher than you want (like 9-11%) Your purchase price may be low, and you may need to buy a "fixer upper", which takes some dedication and a good real estate agent. You may be able to do an FHA mortgage, which will get you a lower interest rate. \n\nThe other option (which takes a lot of patience and self-control) is to save like there's no tomorrow.  Cut up the credit cards, pay off some debts to get your income-to-debt ratio lower (generally you can't have more than 33% of your income go towards debt), and open a savings account, even if it only has $100 in it for now. If you're able to put even 5% down, in addition to about $4000 in closing costs, you will be able to get a much better rate, which will lower your monthly payment.  It takes longer, yes, and it won't be easy, but you will ultimately be able to afford more house.\n  \nThe "unconventional" route would be to see if you can find an owner-financed home for sale.  Basically, this means the seller is willing to carry the mortgage for you, and you can negotiate if you get the deed upfront or after the home is paid off.  There are a few risks associated with this, so be sure to work with an experienced agent or attorney if you are able to find a willing seller. \n\nThe housing authority (HUD), Fannie Mae, Freddie Mac, etc. may have some additional resources for you, so you may want to check out their websites first.  They will at least be able to provide participating lenders and give you a good place to start. \n\nwww.hud.gov\nhttp://www.fanniemae.com/index.jhtml\nhttp://www.freddiemac.com/\n\nBest of luck to you and most importantly, don't give up hope!!! Feel free to contact me if you have any other questions.
358219
www.naca.com\n\nThey are a non-profit organization that helps people in your situation.  They will work with you to improve your credit and get financially stable (though your own hard work, mind you!).  They do their own lending.  So when you are ready to buy, you work with a NACA approved realtor and NACA funds the deal.  You don't need a big downpayment and their rates are usually a little less than a bank would charge you.  \n\nThey got their money through a settlement against Fleet Bank for predatory lending.  Their whole focus is on helping people get their foot in the door of owning their home because it's one of the biggest ways to stabilize yourself and get financially secure.  Good luck, hope the info helps!
396203
go here there are lots of loan programs that may help you http://www.allsolutionsnetwork.com/cgi-bin/d.cgi/CB9051/no_down_loans.htm
789047
Contact fannie mae (www.efanniemae.com)  they have recently added some programs for their MyCommunityMortgage thing that is meant to help people like yall.  I work at a mortgage company and we have been able to get people in homes when they had bad/nocredit no savings no down payment no assests. Youd be surprised what you can get if you go through the right lender. good luck!!!
50427
Find out what area you want to live in. Then hope in your car and drive around the area. Look for signs in front of houses. \n\nAgents are a dime a dozen. If you chose one ask for recent referrals. Also go with one that is an area specialist.\n\nThere might be some that are for sale by owner. That person is trying to save money.\n\nIf you need a loan send an email my way. My husband can answer all your loan questions.\n\nGOOD LUCK.
335911
If you've had a good job for 2 year a 620 mid and good rental history you could get a 0% down 1st time home buyers program but do it soon rates are shooting up!!!!!!!!!!!!
225190
get a repayment ....thats the only kind to go for unless u a financial wizzkid \n\nalso try lookin into this new goverment housing scheme they look reasonable where u only buy half your house ..\n\ni feel ya pain ...1st timers got it tough
46270
If you are able to obtain financing thru a seller you maybe able to get more favorable terms depending on your negotiating with the owner.  My experience so far has been there are few people that are willing to give seller financing.  The majority of people selling their homes use the proceeds for a down payment on a new place.  Being a loan officer, I have leaders that will give 100% financing with a 580 Fico score.  Your interest rate at that score is not the greatest, but it gets you in the house at least.  You can also have the seller pay your closing close so you can get into the home "with no money down". You will need 2-6 months of reserves to qualify for a loan ie 401k, IRA, checking or saving.  A seller financing the deal will not ask this from you either, as another pro of this option.  Send me an email if you have questions about your specific situation.  There is so many creative things you can do with R.E.  Don't let not have money stop you from purchasing property...
73127
You can buy a home with as little as $500. Negotiate with the seller to pay closing costs. USDA, Fannie Mae and Freddie Mac all offer loans with 0% down payment. A lot will have to do with your credit. USDA allows for minor credit problems. Talk to your friends and co-workers to find a referral for a good lender. If you want to buy in Ohio, I can be your lender. :-)
572081
Get a mortgage BROKER (this person will help you decide, based on income,etc, what type of mortgage you should consider and then, on your behalf, go out and look for a good mortgage to suit your needs.) As a first time home buyer it can be daunting to talk to different bankers/lenders - best you go to a broker - it won't cost you more...and you will get lots of help.\n\nAlso, go to the www.HUD.gov website. They have lots of information for buyers/sellers.  Realty Companies have this info but they give it their slant because they want your business, but I would go to this HUD site first and check out, at a minimum: glossary of terms used in real estate; Common Questions/Answers for FIRST-TIME homebuyers, 9 steps to buying a home; consumer information.  If they don't have it, check or google: Home Inspection(s).  The site also has info on mortgages.\n\nSome sites even have mortgage calculator - it will help you determine how much home you can afford. For example: homegain.com or similar.\n\nInterest rates are going up right now and they do not believe that it will go down anytime soon. Sales of homes are down - even in Florida especially as 1 June (hurricane season) approaches.  \n\nSuggest you check out these websites - check out a book from the library on buying a new home - questions to ask - what to be careful of.  Govt or National Assoc sites are beter to consult as they are not supporting one company over another.\n\nALSO, as it is your first homem, strongly recommend you pre-qualify before you start looking - this will tell you how much house you can truly afford.  Remember, when buying a home that it isn't just the monthly house/mortgage payment you will have to afford, but the utilities, problems that come up (that when you are renting the rental company might normally fix), taxes, insurance,etc.  So give yourself some room\n\nConsider looking at foreclosures. When making the offer asking that the seller cover closing costs or help in thema seller is motivated to sell they might accept or split the difference)  A  motivated seller is one that has had the home on the mkt a while.  Don't forget contingencies: contingent on an inspection (which you will pay and select inspector --- make sure it is a 10-point inspection - it will cost you a couple hundred dollars, but it will be worth every penny).  What will convey - if the appliances won't convey, you will have to take that into account for expenses.  If you are planning on living thre a while - school district? taxes? etc.....\n\nRealtor: make sure you get a BUYER AGENT (i.e. the agent will represent YOU and only you).\n\nGood luck and happy hunting.....and remember the realty mantra: Location,location,location
568663
Try contacting your local Housing & Urban Development office or FHA office.  They've got some great programs for first time home buyers available IF you qualify.  When buying a house--look before you leap, measure twice and cut once, easy does it and save for a rainy day are all good rules to follow!  Why?  Just because a house has a great bathroom doesn't make it a great investment--look honestly at it.  Does it need a lot of fixing up?  Are there any hidden things wrong with it?  Get an inspection done by a qualified building inspector before you buy!  Make sure this house is going to fit your need for space for at least the next 10 years.  Most affordable loans are for 15 to 30 years--is there enough room for the family in that time?  Don't want to get stuck needing to add on in a year and not being able to afford to or not having the room to add on because your addition will exceed your property lines!  Don't go into massive debt for a house--yes it's a big investment and a big responsibility, but don't go buying a palace if all you can afford is a mobile home!  Save your money!  Every penny you can save will help you out and help lower your debt--if you apply it wisely!  That extra money from Aunt so & so--add half of it to the next monthly payment.  Put the other half away for home repairs--you never know when you'll need to call the plumber or the electrician or some other repairman!\nGood luck and happy home hunting!
29088
In order to get a 1st mortage without Mortgage Insurance (which is a non-tax deductable insurance policy you may monthly to insure the lender in the event you walk away from the loan), the loan amount cannot exceed 80% of the purchase price.\n\nYou can either put down 20%, or get a 2nd mortgage to cover the difference between what you have to put down and the remainder to keep that 1st at 80%.\n\nIf you can put down 20%, great!  You should.  If you don't have that, you can go with 10% or 5%.  Some places will allow you to finance 100% of the purchase price, as a 80% 1st and a 20% 2nd, but the rates are typically higher.\n\nAvoiding mortgage insurance (sometimes called "M.I.") is your best bet, because it doesn't benefit you in any way, shape, or form.  In most cases, the payment you will make on a 1st and 2nd will be the same as, if not slightly lower, than the just the payment on the 1st plus mortgage insurance.\n\nRemember that you'll have closing costs, too.  It is in your best interest to shop around for rates, just don't take the first quote you're given.  Do not allow your credit to be pulled unless you have decided to do a transaction with that particular company.  Credit inquiries will lower your score for several months, and might bump you out of a good rate or program.\n\nJealously guard your credit!
1084515
Really straight forward:  no unsecured debt.  If you have credit card debt get rid of it.  Use your 25K if necessary.\n\nNo car payment - pay off any installment loans you have.  Use your savings if necessary.   You wil then be able to save expedentially each month.\n\nWhat kind of house are you after with $75K down?  That's a huge down payment for a first time homeowner of any age!\n\nYour first house should not be your dream house, it should be one that you can sell in 5-7 yrs to the next first time home buyer.  \nMake sure the location supports the property.  Buy the smallest/least expensive house in the best neighborhood.  \n\nDon't buy the biggest/most expensive house on the block...lose out on equity potential.