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What about creative financing or rolling it into the mortgage? I heard mention of credit unions dealing with zero down if you were paying less than the house was worth.
(I just saw that there is a "mortgage" section... how would I move this to there? eek!)
Last edited by Petunia16; 01-19-2009 at 09:14 PM..
Reason: oops
What about creative financing or rolling it into the mortgage? I heard mention of credit unions dealing with zero down if you were paying less than the house was worth.
Petunia,
You can just post in the mortgage forum. No big deal...
3.5% down for FHA is the going best deal, up to $271,000 in the Raleigh/Cary area.
USDA was 100% for qualifying homes, but ran through their budget, I hear.
VA might work, if you qualify for a VA loan.
Conventional, you are looking at 5% down, with an 80/15/5, i.e., 80% first mortgage, 15% second mortgage, and 5% down.
Have you spoken with a lender? They are the specialists, and I suggest you speak with a local one, or a local Credit Union.
USDA does usually run through their budget quickly each year but also has the 103% guaranteed rural loan program where they guarantee the loan but they do not fund it. I am pretty sure this is still available.
The rural designation throws many people because some of the areas where the loan is utilized are far from rural. Of course it would not be an option in every area.
if you don't have the money to put down, most likely you can't afford to buy a house at all. This is one of the reasons why so many people are filing for bankruptcy these days - because they bought homes they in reality couldn't afford, and in addition to that got bad loans. Why would you want to buy something you can't afford? Why would you want to get a loan that might srew you over a few years down the road? The simplier your loan is - the better. Interest rates are so low right now, you don't need to buy down your points or get an adjustable rate. Get a 30 year fixed. If you qualify for an FHA (Federal Housing Administration) loan, you only have to put 3.5% or 5% down. You can also find conventional loans that you can put 5% down on.
Just make sure you're not getting in over your head. Don't rush into anything.
Quote:
Originally Posted by Petunia16
Are those days completely over?
What about creative financing or rolling it into the mortgage? I heard mention of credit unions dealing with zero down if you were paying less than the house was worth.
(I just saw that there is a "mortgage" section... how would I move this to there? eek!)
Why would anyone want to buy a home with zero down? It clearly shows you can't afford it if you can't pay 20% down. You'll be better off renting than zero down.
Why would anyone want to buy a home with zero down? It clearly shows you can't afford it if you can't pay 20% down. You'll be better off renting than zero down.
20%? that's going to depend on where you live. In MA 20% can be 60-80,000. By the time that's saved, in a normal market, values go up.
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i think those days are gone, but...
