No downpayment for a house?

Question

Are there any programs or mortgages to buy a house when you don't have a downpayment? I heard a couple of people mentioning it. I live in New York by the way.

Answer 1

you could try hud housing or some states have programs for persons under a certain income you just have to look hard.

Answer 2

That's how all this mess started by giving loans to people who can't afford it!  If you don't have a down payment and can't come up with one, you can't afford a house!  It's not just making the payments, you have to constantly do repairs on it and what if the furnace/air goes out, you have to  have heat!  You have to pay the taxes every year and keep insurance on it!  Even homes in great shape have to have maintenance done on them.  If you can afford all that over your house payment, then save for a down payment!

Answer 3

.  Yes, but i don't use them.  You have to repay the money plus interest if you sell the house in 7 years.  Since everyone ends up selling, you wish you had never gotten the money.  Contact the city and ask for "bond money" programs.  THey happen twice a year with little warning.

Answer 4

You should look into an FHA loan, it only requires 3% down on the home and you can ask the seller to pay that plus 3%closing and you get 100% financing.

I don't think that just because you can't afford a down payment doesn't mean you're not ready to own.

And honestly if there are programs avail. than why not take advantage?

You should go ahead and get pre-approved (it's easy) you'll sit w/a lender and they'll show you all your options and what you can afford.

My husband and I just did this and were shocked that we could actually be paying our OWN mortgage for about the same price as our rent.

Goodluck!

Answer 5

I just bought a house, and I did my 20% down. Seriously,,, if you have NO money down for a house, then maybe you aren't ready for a house. With today's market, odds are you won't find anyone, even if you have okay credit. Save for a while, improve credit, I promise you won't regret it. You will begin with equity in your house, and you will have lower monthly payments.  

Answer 6

There are for very low income, first time buyers, ask your mortgage broker which you qualify for.

Answer 7

The "down payment" doesn't always have to be cash.  For instance, if you own a boat that the seller would love to have, and you're thinking of selling it, the seller might take the boat as a down payment.  (It's perfectly legal, as long as the amount credited as a down payment is around the real market value of the boat.)

If you have no resources, as others have said, you shouldn't be buying a house.  A few years down the line, you'll lose the house and ruin your credit rating.