Can I buy a home with downpayment assistance if i want to obtain by stating my income?

Question

I want to purchase my first home which will be a condo. My 3 beacon scores are in the 700's. i have heard of downpayment assistance programs, but i want to know if i go stated income (no doc)on the application if i can still get down payment assistance?

Answer 1

With the current finacial crisis and bank collapses there is no longer a stated income no doc loan available.

There is though a stated fully doc loan available and yes you can get assistance programs to sister your loan.

Hire some good professionals on your side like a Realtor (which costs you nothing) and mortgage broker.

Answer 2

On a stated income mortgage, you will need 20% minimum down and whether down payment assistance is available I'm not sure, but gut instinct tells me no, stated income is one of the few exotic loan programs still in existance, but the rules have become very strict.

Answer 3

No doc loans have joined the no-down in fantasy land.  And where do think you are going to get "down payment assistance"?  You would have to prove your income, file applications, and fulfill all other requirements for that with whatever organization you think still has funding for this.  Find out if down pmt assistance is still available in your area, from where, who is eligible, and under what terms before you do anything else.

How much have you saved for a down payment?  And closing costs?  What would you do to make condo payments and common charges if you lost your job?  If the prices of condos continues to drop?  You are getting ahead of yourself and not thinking things through in proper order.

Answer 4

yes