07-19-2011 01:49 PM
im looking to buy a house but this is all new to me. what do i need to know about buying. im being vague yes but i wanna know everything. do i need to have a down payment?
07-25-2011 09:17 AM
If you are wanting to buy a home that is within the USDA Home Loan boundaries, you can buy with no down payment. There are a couple of other programs, My Community for example, which also allows for no down payment. If you qualify, a VA loan is another $0 down program.
If you buy a FannieMae (bank owned home) they offer a 3% down payment program.
FHA requires 3 1/2% down.
Conventional loans require 5%-20% depending on the guidelines.
All of these programs also have closing costs - the lender has some closing costs (origination fee, appraisal fee, and some other fees and reserves required for the loan). There are also Title Insurance and Escrow Closing costs about 1% of the purchase price. Your total closing costs could be 3-5% of the purchase price on top of the down payment required.
You can ask the seller to pay your closing costs - they are not allowed to give you your downpayment. You should talk with a lender to get the in's and out's of the different programs available to you.
07-31-2011 02:58 PM
i just moved here from other state. I am also interested in low or zero down payment.
I am interested in Lynnwood & Everett, WA.
My credit score is not to bad, 670, 750, 750. 80K+ income, but i dont have down payment yet....hmm maybe only 10K in my pocket.
Do you think i am qualified for a loan to buy a home?
07-31-2011 08:59 PM
Yes, I think you would qualify for a loan based on your credit scores. Have you registered on the ZipRealty website yet? I cover the Lynnwood & Everett areas. Thanks, Debra