Can I get a home loan with zero down and if so, how?

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I am looking at buying a home. I have okay credit but no down payment. I am looking in the $150,000 to $180,000 range.

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10 comments to Can I get a home loan with zero down and if so, how?

  • bigjohn B  says:

    Not too likely right now, loans of this type are a big part of the financial crisis we are in right now.

  • Jillann?  says:

    don’t do that. you are going to end up paying on it the rest of your life, and more than likely will fail. be responsible, save up a good down pay. build up your credit more, and do it the right way.

  • 1st Baby =) Gabriel born 3/9/09!  says:

    Practically impossible right now, as the first answerer said.

  • Just Wondering  says:

    well its harder to get 100% financing now with this whole mortgage crisis going on. I think it is possible but u might have to search around. you might have to find a mortgage broker because they are good at finding different loan options for u. doesn’t matter the cost of the house it is going to depend on your credit, debt to income ratio, and the value of the home. good luck.

  • teendeviant  says:

    No way you’d be doing that in a time like this, loans like those is what caused the economic crisis we are facing, among other things. You’d be crazy to expect the banks to loan to you with zero down payment….what are you thinking

  • Cookie of Sorrow  says:

    don’t do it. buy a crappier home, pay a good amount down, or rent. This recession we are in is because of people who buy on 0 down and can’t pay their loans. Then the investors who bought the loans lose money and don’t invest. Now taxes are going to go through the roof because of irresponsible buyers. Pay as much money down as possible, you will be so glad you did later on.

  • summerg1rl  says:

    If you are a first time buyer, there are a lot of programs where you can build the closing costs into the cost of the loan and not put a down payment. Good Luck!

  • stingray  says:

    Are you a Vet?
    best is FHA and find some gift money of 3.5% at $180000 which is $6300.-
    may be you can find that amount from family
    get the seller to pay your closing costs
    suggest you buy the least expensive place you can find. fix it up . keep you month payments as low as possible
    gool uck
    peace out

  • carmensellsthehighdesert  says:

    Yes, this is possible. You must buy in an incorporated area to qualify. In my community, we are legally a County Area (not part of a City) and our buyers can and do qualify regularly under the USDA program. There is one bank that I know of that will fund these loans now while the program is waiting for more government funding. I have a buyer right now with nothing down, good credit, and we are just trying to find him a property in the area he likes. Keep in mind that the property must be in very good condition, no unpermitted room additions or structures, no holes in walls, etc. It is nearly the same qualification as for an FHA financed property. You may be competing in this market for a good property, and cash buyers or those with conventional loans will blow you out every time. So don’t get attached to anything until your Realtor calls you and says it’s yours. You don’t want to set yourself up to be disappointed. You will need patience! But the right property will come along. Shop on a 3-day weekend because most of your competition will be out of town!

  • ☼AstrologerJuliAnne☼  says:

    You would need at least 3.5% down for an FHA.
    The thing that kills you is you say you only have OK credit.
    Save about 5k for the 150k house, and then, maybe you can qualify.

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