How do I get a down payment for a home loan?
826687
it's possible to get a 100% loan.  no money down
256111
1) Loan to Value (LTV) - If you have excellent credit, you m,ay qualify for 100% financing if the property is to be your primary residence (not rental property). However, this also means that you are borrowing all you need and your payment will be higher. I recommend at least 5-8% down if you have some savings set aside.\n\n2) Value - try and get something in your price range. This sounds like common sense but you would be surprised. Price out your monthly loan payment options (but don't get an interest only loan just to afford it..that is never a good idea). Get you mortgage broker/lender to help you with this so that you can know in what price range to shop for....\n\n3) Expenses - Utilities are dependent on the condition of the property and your usage. But you do need to remember that you will have to pay annual real estate taxes and annual home-owner's insurance. These are conditions to your loan and you cannot get around it.
587597
Depending on where you are credit wise and how much you have for a down payment will effect this question. Assuming your below 500 FICO your looking at a hard money loan. Maximum loan to value +/-70% and your looking most likely in the 10-13% range plus the lenders fees which can be as high as 6 points!\n\nIf your above 500 then your back to a conventional sub-prime lender with much lower fees and a little better loan to value matrix... maybe 80-85% if your on the low end of their scale.\n\nIf you need to speak to a loan officer give me a call or drop me an e-mail and we can go over your specifics.\n\nKruorock@firstratelending.com\n866-562-6838 x 106
576019
I think you have a lot to take into consideration here. First and foremost you should know how your credit report looks if you have a spouse you'll need his too. You'll also need W2's from the last 2 years from your job,tax W2's will do, proof of income and earnest money to put down when you sign a contract at least but no more than $1,000.00. The most important thing to look at right now is the interest rates. The better your credit the better the rate you'll get. Please go to a local bank or other surrounding banks and see if they could lock in a low interest rate for you why you shop around. They don't have to know exactly when you're going to buy. When buying your home always ask the seller to pay for your down payment and closing costs. The way to do this is to give him or her close to the asking price when you bid and stipulate in the contract that they are to pay your down payment and closing costs. Usually if they are getting close to full asking price they'll take the offer because they were leaving room to come down anyway. When looking at homes don't show to much emotion especially if you really like a house because if you do they'll know you really want it and they may not be willing to negotiate with you. Showing a lack of interest while your in the home is always better, even though you're dying inside to make an offer. It'll be in your best interest to wait till you talk to the realtor if you choose that route to show your enthusiasm. You can always buy a forsale by owner home too! It's less complicated and easier all the way around. The seller will and should be the one to get the lawyer to handle everything. This is quite simple, because you can call the lawyer and see how everything is going to. They do the appraisal, title search, closing and anything else that needs recorded and done. Before you know it you'll be sitting in your new home. I'd start now so you have everything in order. The loan already approved is the most important thing of all. Ask some people who have mortgages with banks not mortgage companies for referrals. Mortgage Cos. have a lot of hidden fees that you have to pay where as a bank doesn't. Good Luck...Happy House Hunting.
573512
Wow, some interesting responses. \n\nHome mortgages are complicated, it is sometimes easier to buy a house than a $2,000 car on credit. \n\nFirst you need to realize that in order to buy a home with a mortgage loan there are really two approvals that need to take place, 1. Your Personal Financial Picture 2. The Property. There are many lenders that will give you an approval based upon just a few minute talk on the phone... but truthfully that is not an approval, but a pre-qualification. It means nothing without aplying that info to a peticular loan and that also means finding a property. \n\nThere are many loan options out there that allow little or no downpayment to be made. FHA loans do allow a small down payment amount of just under 3%, but FHA limits are going to be lower than 700,000 unless you live in a REALLY expensive area, and even then I doubt they would go that high (FHA Limits are different from county to county nationwide, though usually less than $300,000 unless it is a multi family home.) FHA loans do allow gifts from Non-profit groups, family members etc to pay the downpayment. But that is really the exception, not to say it is the only loan option available there are still others. \n\nBut getting 100% loan is often much easier. There are many ways to do that and they don't all cost an arm and a leg. \nYou can find a 1 loan 100%, 2 loans 80% plus 20% (this allows you not to pay mortgage insurance). There are however other loans that don't ask where you got your down payment and companies willing to give you that money to help you close (all to receive a fee from the seller for doing it) Contact me and I can help you.\n\nBest of luck to you!
646222
Go to a bank for a mortgage, and always put down at least 20% downpayment so you don't have to pay for mortgage insurance!
195494
The FantasyLand Bank would love to give you the financing you need. \n\nUntil that day comes, you need a tangible score of 580 to go no $ down, full doc.
1152638
here is a link for a calculator\nhttp://mortgages.interest.com/content/calculators/discount.asp\n\nit depends on how long you want to keep the property. \nlet's say for $500,000 loan @ 6.5% your interest payment is $2708.. if you want to "buy it down" to 6.00% and pay 1 point.. then, your interest payment @6% would be $2500... and it would cost you $5,000... it means it will take you 5000/(2708-2500)= 24 months to recoup the point.. so, paying this points will make sense if you will keep the loan for 24+ months
1119470
You need to try a first time buyer loan, look for an ad that says something like "I can get you into a house for the price of a steak dinner", these ads are usually for real.  It is a government grant that basically garuantees your down.  Then get the sellers to pay the closing costs.
870726
Around 10% down, some banks, credit unions only require 5%... The more you have to put down the lower your monthly payments will be... You will also need, Lawyers fees which very in prices....\n\nFurniture depends on you... You can buy good quality second hand furniture, and save yourself up 90%
240980
You should look under the HUD in the web for Federal Housing Administration forclosure sales. Lots of homes there are discounted by 15% to public servants. This could save you 50% of your down payment and get you a great deal on a house.
927314
The people who bought my house did this several years ago. We were asking 62k. That would have required something like 5k-6k down plus closing costs. They had the paperwork drawn up for a 69k+ selling price, with the buyer (me) putting down the down payment and all closing costs. (The money came out of the final check to me.) I got my 62k, they got their house, and financed it at 69k.
784422
why don't you look into a lease-with-option-to-buy?  you can rent from the owner, but a portion of the payment goes towards the down payment on the house.  then, in 6-12 months, you can purchase the home with some money down.  remember to negotiate the purchase price upfront when you enter the contract.\n\nbut, there is no mortgage product that allows you to get the cash now and not have the loan secured by a property.\n\nlast suggestion would be setting up a direct withdrawl from your paycheck, and have it put into a savings account.  maybe if you don't have to actually bring the money to the savings account, you won't miss it.  good luck... homeownership rocks!
73127
You can buy a home with as little as $500. Negotiate with the seller to pay closing costs. USDA, Fannie Mae and Freddie Mac all offer loans with 0% down payment. A lot will have to do with your credit. USDA allows for minor credit problems. Talk to your friends and co-workers to find a referral for a good lender. If you want to buy in Ohio, I can be your lender. :-)
230052
http://www.downpaymentsolutions.com/home_buyer_education/calculators.shtml\n click on this link it has all the info you will need
1166208
600 gets u a home with 10-20% down...anything above that ur less likely to put ANYTHING down.  Below 600 it is still possible to get a home, but u have a higher down payment with crappy rates and a high mortage.  We lucked out on ours having a score of 558 with down payment being covered by the owner, but would cost us $2000 a month for mortage. We didn't buy but it was worth a shot. Shop around...someone WILL work with u.
168518
I found a website that has really good information about grants for down payments.  We are currantly in the same situation and this site helped us out a lot.  They are for first time home buyers and also if you are starting over.  There are tons out there, you just have to know where to look.  Hope this helps!