Have any of you done a zero down house loan?

Question

Tell me everything please! I'm trying to get out of a miserable apartment.

Answer

Zero down is not a great idea unless you plan to stay in the house a long time to build up equity in it. Any amount you can afford to put down is better than zero. It's also hard to find that mortgage option except for very limited circumstances.

Answer

Our home loan is s zero down, low interest loan. We both have credit in the 700s, and combined make about 70k a year. We started out by finding what we prequalified for (260k), and made sure our lender was aware that we wanted a zero down loan. Because of where we live we qualified for the USDA Rural Development loan. Then we started house hunting for homes in our price range. Start to finish it took about 3 months

Answer

Someday I'll buy a home in California and not in the desert 🙄😞

Answer

Not sure if this is an option where you live, but it's worth looking into. My sister was able to get down payment assistance from the county housing authority. The way it worked was they gave her a lump sum and she can either pay it back in two years in full or pay it back when she sells the house and the fee or interest is based on appreciation on the house. Since it doesn't have a regular monthly payment and is not technically due until they sell the house it does not go against your debt to income ratio. See if the county you live in has a housing authority that offers down payment assistance for local residents.

Answer

I'm not really sure that you would qualify for a no down payment home loan unless you are in the military or buy in certain rural areas. But there are loans you can get that you don't have to have much down. The loan my boyfriend and I got on our house only required like 3.5% down and the sellers pid a certain amount of closing costs so we ended up only putting down about 1% ourselves. You could just get in touch with a loan officer and they could give you estimates of what you would have to put down on certain homes and what you would be able to afford

Have any of you done a zero down house loan?

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