Comments on: What Is My First Step Into Buying A Home With No Money Down?

By: jlf

jlf — Sat, 23 Jan 2010 19:23:56 +0000

Your first step is to forget it until you save up some money. Even an FHA loan requires at least 3.5% down plus closing costs.

By: Chris Pascale

Chris Pascale — Sat, 23 Jan 2010 19:15:28 +0000

Join the military reserves. With a VA loan you can buy with no money down and no PMI attached to the payment.
If you don’t know what a PMI is, you’re not ready to get a loan.

By: blibityb

blibityb — Sat, 23 Jan 2010 15:35:13 +0000

Well, you could cash out the 401k for a down payment.
The only no money down loans right now are VA(500 down) or USDA. Most likely a condo will not qualify for USDA, because it’s only rural properties.
That’s just the way it is right now.

By: Brett L

Brett L — Sat, 23 Jan 2010 14:10:54 +0000

I don’t think it will be possible to get a zero down mortgage anymore. With federal tax credits etc, you should have some help with the down payment. Regardless, you will likely at least 3.5% down with a FHA loan for a first time buyer for a single family house or condo / apartment in a complex with +50% owner occupancy. That’s assuming good credit rating and relationship with a bank.

By: No Shortage

No Shortage — Sat, 23 Jan 2010 10:35:17 +0000

Your first step is to save up for a down payment, which is currently 3.5 percent under the FHA guidelines. The days of buying a home with no money down are gone forever, and the word “leverage” is worse than the F word now. Don’t worry about missing out on the good deals that are out there. The real estate market is not going to rebound anytime soon, and you will not miss out.