What do i need to do???

Question

I'm looking to purchase a new home. I will be considered a 1st time home buyer and I'll probably not have any $$$ for down payment. What are the steps that I need to do to purchase a home? Is there such a thing for $0 down payment? Any Programs? Please let me know how to get started and if you have any reference via internet, please post the websites.

Answer 1

There use to be a lot of programs for first time home buyers but now with all that has gone on yu have to have a perfect credit report. I don't knwo where you live but just go talk to a mortgage company Flag Star is a good one (don't know if there are any where you live). They can do a credit report for you, let you know how much $ you are eligible for and what programs are available...

Answer 2

.    Your best bet will be to buy a new home.  THe builders often build in a cushion in their price to help pay for your down payment.  Most home owners aren't rich enuf to pay thousands of dollars for you.

Answer 3

0% down mortgages are not nearly as common now as they were a while ago.  You may still be able to get one if you have a very good income and are buying a house that's well within your price range.  It's better to start saving money for a down payment.  You'll find it much easier to get a mortgage, and you won't need to borrow as much so your monthly payments will be lower.  

Answer 4

hope it will helps you

http://www.hud.gov/buying/index.cfm

http://www.rivcoeda.org/Default.aspx?tab...

Answer 5

There are possible ways to get by without a down payment, but you will still need money for closing costs.  I bought my home 0 down (for 220k) buyer paid 6500 in closing costs, since i bought my home new i got the school facility fee (which was 3.9k in free money as long as i stay in the house 5 years) so even with 10,400 in closing costs paid, I still had to come up with 1500 cash out of my pocket to close.   If you do zero down payment you pretty much have to go thru fannie mae, and get a second & maybe third mortgage (some programs give like a few thousand only for down payment assistance so you have to get a couple of them.)  They all charge maybe 1/4 of a point, fannie mae will stick you with 1.25 points for doing that, then your lender will also get you for a point or 1.5 points.   You might get less points but i got on a program in CA called calhfa which lets you get a 4% 30 yr fixed rate if you have a disabled family member and my second and third mortgages (totaling 10k) are silent seconds meaning i dont pay on those loans if i dont want to, but I have to pay them off when i sell the house or in 30 years.  So thats why they really stuck me with the points.  But seriously, you really do need some money in your bank account before you buy a house.  I suggest you have at least 5k before you buy a house (unless you are buying like a 50k home, then you should have at least 1k or so in the bank.

Answer 6

unsure where your from but Yes , Yes thats right guys you still can get in a home with nothing down. I hate when Lenders get online and say no its impossible ok class can we say LAZY!!!!!!!!!! Just means your Realtor has to work harder to get the Seller to give you the Money for this to happen. For some reason if you cant convince a seller to do so i suggest go to your City hall of the City you wish to move into and ask them if they have any City Assistant Programs..... Good Luck and watch out for some of these preditory LENDERS!!!!!!!!!!!!!!!!!!!!

Answer 7

Dear Kat,

              The zero down idea is what first caused  the real estate melt-down, NO YOU WILL NOT FIND THIS WITH ANY LENDER. NOR ARE THERE ANY PROGRAMS that will

provide this.

              Your sole possibility is finding a seller who will allow you to take over the property without a downpayment. This would require you find a rare "assumable mortgage". This is not easy.  You might otherwise purchase property with no down payment under a land sales contract. This has a number of great complications, including the risk your "seller" stops making mortgage payments.

           Contact a local realtor. You will likely have to contact a number of realtors before finding one willing to expend time and energy under your circumstances.

           Good Luck.

Answer 8

Talk to a real easte agent and then you apply for a mortgage and go from there.  They will give you all your options.  It's hard to say on here because we don't know how much you make, own or have in bills and what you want to buy and can afford.

I personally like cold well banker-

http://www.coldwellbanker.com/