home loans choices ? (Houston: apartment, lease, relocation company)

[sinastis]

Okay , so we just sold our house in other state , we just relocated to Houston about couple months ago . Finally house is sold , but we had to fork out our money ( 13k ) to sell it . The money was originally saved for buying a house over here ( for down payment ) . Now we're pretty much don't have any money left for down payment .

We really would love to get a house as soon as possible , the 2 banks that was dealing with us was set up from the relocation company , required us to put 3% down , so that's not going to work for us .

I know we're not first time home buyers , but is it still possible for us to get a zero down mortgages ? or is there any other options ??

Thanks.

[RhinoDNA]

I googled zero down mortgage options Houston Texas and a huge list came up. I don't want to post the whole list, but maybe you can try that.

zero down mortgages option Houston Texas - Google Search

[City Love]

Sorry, but 0% is a pipedream now unless you've been in the military, a doctor, or qualify for an assistance program. If you make less than $45-$55k, you could look into DAP's.

FHA allows gifted funds, can you have family gift you the 3.5%? Or lease for a few months while you save you 3.5%.

[Houston_2010]

In 2010 instead of going from bank to bank I called a mortgage broker (Houston Capital Mortgage) and they did the search for me. My spouse is a physician and we both have excellent credit. So we were able to do two loans, one for 80% and the other 20% with Encore Bank. The cash we had we used for other expenses related to the closing and the move. A friend of mine who is single, not a physician and his credit is somewhat good (not excellent) was able to purchase a house in the Heights area with financing provided by the builder, which provided a low interest rate.

[Houston321]

Actually, DAP's only apply to first time homebuyers. And since they have owned a home in the past 3 years they wouldn't qualify for downpayment assistance.

A gift is your best bet with the seller paying ALL closing costs. The closing costs are key. As of the first week of April, upfront MIP is increasing to 1.75% couple that with all the other fees and pre-paids and the closing costs on an FHA loan are hefty.

Also being reviewed by HUD now is a limit to 3% on seller contributions. This will really hammer the building industry. They are raising FHA fees big time, if you couple that with only 3% seller contributions, it is going to take more $$$ to get a home. Now, overall this might be a good thing because the more skin you have in the game the more likely you are to stick with it and actually pay your bills, but that is another discussion.

[sinastis]

Our relocation company is paying the closing cost , we've asked the company ( where my husband got hired thus our relocating ) , to let us use the 3,5% for downpayment instead of the closing and we could have ask the builder / seller to pay closing , but they refused to let us use the money for downpayment . They're still paying all the closing cost though .

Don't have family , we're pretty much by ourselves , so we can't count on gift whatsoever . Our credit is excellent too . This whole thing is just so unexpected with us having to spent that much to sell the house ( which was meant for downpayment a new house ) .

I've read about the USDA loans , as long as we buy a house in rural areas , we can get a zero down , but when i read the income limit , we've above the income limit .

We found a highland house that we really like .. and would really love to finally settled in , instead of living in apartment wihile all our stuff is in the storage

[Houston321]

You need a gift, or time to save the downpayment.

[City Love]

Originally Posted by sinastis

Our relocation company is paying the closing cost , we've asked the company ( where my husband got hired thus our relocating ) , to let us use the 3,5% for downpayment instead of the closing and we could have ask the builder / seller to pay closing , but they refused to let us use the money for downpayment . They're still paying all the closing cost though .

Don't have family , we're pretty much by ourselves , so we can't count on gift whatsoever . Our credit is excellent too . This whole thing is just so unexpected with us having to spent that much to sell the house ( which was meant for downpayment a new house ) .

I've read about the USDA loans , as long as we buy a house in rural areas , we can get a zero down , but when i read the income limit , we've above the income limit .

We found a highland house that we really like .. and would really love to finally settled in , instead of living in apartment wihile all our stuff is in the storage

Do you have a retirement account? I believe FHA still allows you to borrow from it.