Here’s my situation: Looking to buy a home. I have little (K max) to Zero down (preferably zero). I have NO DEBT. ZERO. I owe nothing to anyone. My credit cards have a zero balance, my car is paid for. ZERO DEBT. I personally make K a year. I will have someone living with me who makes K a year. I have been employed steadily for 15 years (I’m 33) and have rented the same apt for the duration of that time never having been late even once on the rent. I’m employable in multiple fields so if my current job goes south I wouldn’t have trouble finding another job. I had a couple collections issues in my early 20’s for medical bills (One of which I disputed) but have since had two loans (both paid off early) and a few credit cards (all open and with no balances and again, never been late or had collections issues). I’ve got a 401k and life insurance with equity I can borrow from. Anyone have any idea how likely it is for me to get a home loan with zero down? Or a home loan at all? I’d be looking for possibly up to 0K. If you think I could get approved anyone know what a good lender might be? Lending Tree? BoA? US Bank? Any advice appreciated.
Archive for the ‘zero down home loans’ Category
First time homebuyer with zero down?
Wednesday, March 10th, 2010Any Zero down home loan out there?
Saturday, February 6th, 2010Thinking about selling but I will walk away with practically nothing. Any zero down or 3% FHA left ?
Why aren’t lenders willing to modify mortgage loans?
Saturday, January 16th, 2010I have friends who bought a home in 2006 for 5,000. They obtained conventional financing with 10% down and were making their mortgage payments. The subsequent real estate meltdown from zero-down-pay-what-you-want loans destroyed the value of their property. Their lender refused to even discuss loan modification. They walked away figuring their credit would recover faster than the real estate market. Their old house is now on the market for ,000. They would have been happy with a mortgage at DOUBLE that valuation with no interruption in revenue or foreclosure costs to the lender. It makes no sense to me. Any insider input?
There’s more to it than personal responsibility. Banks and mortgage brokers hawked unjustified loans to naive buyers. Other buyers took advantage of an opportunity to buy property they knew they couldn’t afford. Countrywide CEO Angelo Mozillo made millions building the real estate house of cards and walked away when it collapsed. This doesn’t change the basic question.
Jeffrey- Thanks for your response. When my friends contacted their lender they were told they needed to miss three payments before the lender (Countrywide) would talk to them. Their response, "Okay, if that’s what you want." It made no difference. They missed six payments. Still no difference. They consulted a real estate attorney and walked away. They now rent a nice home for 0/month less than their old mortgage payment and invest the difference. In seven years when their credit recovers they’ll have close to K-0K to get back into the market.
bought first home, now looking at paying off debt vs saving?
Saturday, October 31st, 2009I recently purchased my first home and will receive the 8k 1st time homeowner credit. My mortgage aside, I am looking to payoff some debt and would like some opinions. After my mortgage and personal expenses, I will have about 2k per month and a minimal amount of savings (2k), put most into home down payment. Here are my loans
4000 car loan @ 9.5%
3000 personal loan @ 6% (borrowed from 401k for downpayment)
2000 private student loan @ 5%
5000 private student loan @ 4.25%
25000 federal student loan @ 7%
zero credit card debt
I’m pretty sure about paying off the 4k car loan, but am hesitant about the 3k 401k loan until I have a bit more saving built up. I figured that I would chip away at the student loans down the road as the interest is a tax deduction. Is it better to pay off some of these debts or save? Plus I want to be prepared for anything that might come up with the house.
Zero down home loans?
Thursday, October 8th, 2009We bought our house 2 1/2 years ago with zero down. We now have to sell the house and move to the other side of the state due to my husbands company transferring him. We are hoping to just break even with our house. We will have no equity out of the house when all is said and done and no money for a down payment. Are there still zero down home loans available out there so we could purchase another house?
hsbc-Anyone know what they are planning to do with their U.S. sub prime loans?
Friday, October 2nd, 2009I understand that HSBC has written the value of their u.s. subprime unit to zero value and is closing down most of their lending offices. What will happen to those of us who are in modified rates to help us stay out of foreclosure. Will they send us into foreclosure and get what they can thru a forclosure auction or is it more finacially beneficial to them to keep us in our homes on a modified rate?? Anyone have any idea?