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3 years ago
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Is there any programs for 1st time home buyers to get a loan with no down payment?

I just landed a really good job and I have to move. I've always rented but I'll be able to afford a mortgage. The Problem is I don't have money for a down payment but my credit is good. Is there any programs for 1st time home buyers to get a loan with no down payment?
Chad Barrett
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3 years ago
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hello: yes you can, if you live in the portland are I have lenders that make 100% loans. I've been selling homes no down for 15 years. Take a look at my website www.kmbrokerage.com thanks, kevin
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3 years ago
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chad, I wrote a how to manual teaching ist time buyers how to buy using no money. it will be published in 90 days. if you'd like call me if you'd like tonight i'm on hotpads checking things out right now and I will walk you through how to buy using no money. free of charge :) my number is 503-369-3250 Kevin
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2 years ago
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CHAD:

Yes.....there is a Loan Instrument that accommodates 'no money down'. It is a USDA or Rural Loan. A property must be elgible. There is a link to plug in a specific property address & it will tell you if where the home is located is elgible. More importantly, it's not what you think which would most likely be the home must be on acreage or in a secluded area. I currently have several Listings that quality which aren't even on an acre. It's more about LOCATION, LOCATION, LOCATION. Please call me if you'd like to know more. Great question by the way! Karen Prinster, Keller Williams Realty, Licensed Broker in Missouri & Illinois, (314) 267-8080
Karen Prinster
Real Estate Professional
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2 years ago
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There are extremely few (almost zero) no money down mortgages anymore (for pretty obvious reasons). However, if you can find a lender and the house qualifies, you can possibly get an FHA loan which only requires about 3 - 3.5% down (but don't forget cash for closing costs). Figuring 6 -9 % cash (closing and down payment) puts you in the needed cash area of $4,500 ($50K max house x 9%).

Having said that, a $50K house entitles you to only $5,000 first time buyers credit. The credit is the lesser of $8,000 or 10% of the cost of the house.

Some states do or did have programs to help first-time buyers into homes. Check with your state to see if there is any money available.
Natasha Bassova
Real Estate Professional
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3 years ago
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No unfortunately its I'm looking in VA
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3 years ago
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Hi Chad,
I'm with Equity Loans and we are a direct lender offering No Money Down, 100% financing programs to Virginia home buyers. Terms and conditions apply so I invite you to reach out to me at your convenience to see what we can offer you. It's a great time buy so please reach out, 877-255-3554 x136 or tsaxon@equityloansllc.com
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1 year ago
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There is always the option to make an offer on a home and ask the owner to pay closing costs and for you to pay no money down.
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