Buying our first home. (Little to no downpayment) ?

Question

Is this possiable? We have decent credit, 650's. But have little money to put down. We both have great jobs, just had to "blow our wad" on moving to a new state for an excellent governemnt job. But seems crazy to rent here too much longer.

Any advice or programs anyone know of?

Answer 1

You might look for owner financing/ rent to own.  Or if you  can get a loan for the majority, find a seller willing to "Carry-Back" or loan you on the rest.  For example, you get a loan for 80%, and the owner carries the loan on 20%, and you pay him.  

Answer 2

650 is not a decent score. Rent, be frugal, save for that down pmt. Don't let "govt job" fill ur head with secure future. Network, kibbitz, share shelter when possible otherwise. Having mortgage means u will also have an insurance policy in case u die, extra expense right there. Save Cash.

Answer 3

that will be very tough seeing how this market is right now... most banks ask for at least 3 percent down.... not much unless you are spending a million....

Answer 4

There are loans out there that will lend 100% but they are expensive compared to loans were you have a deposit, look at the long term potential of the property market of the area your in, the last thing you want to do is get trapped.

Some times renting is smarter, get a budget in place and start your deposit building up prior to committing to a loan.

Good luck.  

Answer 5

Cut your expenses and build a new wad.

Answer 6

I work in real estate, and there are very few 100% programs out there. But you must have great credit-high 700's, high interest rate, and low debt to income ratio. I would be weary of anyone who can promise you  a 100% financing loan. 3% down is FHA, but if you're looking at $350K price range minimum, you will need to hold out for a while.

Cut your expenses, and we all need to watch our gas consumption! Try to save $1000/mo for the next year, and that should get you close to the 3% you need. Since you have never owned a home, you will not just be paying principal and interest, but also homeowner's insurance, lawn service, escrow taxes, you will need money for any improvements you want done, homeowner's association fees, yearly repairs, and more!

You can do it-good luck!

Answer 7

Nehemiah Loan but it's gone October 1st or an FHA loan. Usually 100% financed. There are programs ou there. good  luck

Answer 8

You'll need to save some money and then try FHA.  The only other option I know is to find a property a bank has taken back and may be eager to move.  

I think you are a bit premature.  You can get your credit spruced up a little more and any debt paid down.  Put money in savings every month toward your down payment.  

You can't have it all.  You chose to spend freely.  Now you have to tighten your belt if you want to buy a house.  Everything has its cost.