Hello, I just tried to apply with BOA to see if I would get pre-qualify for a home loan to purchase a condo that costs 0,000. When BOA asked me how much I would put down, I told them that I was hoping that the bank loan would do it and the guy told me that I would have to apply for a Down Payment Assistance and see if Hud would grant me 3%. I am looking for a seller who would pay all closing costs or if I could put the closing costs and down payment in the loan and BOA told me that I couldn’t. I’m not a first time homebuyer because I previously was a 4th person in a title and mortgage for another home. I guess my question here is to find out if there are other options for me for getting this condo that I want. Thank you in advance for your response.
Archive for the ‘zero down home loans’ Category
Is there any home loans for first time buyers with less than one year of steady work?
Sunday, April 4th, 2010My boyfriend and I have found our dream home. But we have a few problems. He has only been at his current job for about 7 months. He makes about 00 a month before deductions. I just started working a few weeks ago and I am going to be making about ,000 a month before deductions. We both don’t have very good credit. And we do not have a down payment. We were told we could get a loan with zero down. But all the loans I have seen require you to have good credit and at least 2 years of steady employment. Maybe I am looking in the wrong places. Can someone give me some advice or point me in the right direction? Thank you.
What lenders offer zero down mortgage loans?
Thursday, March 25th, 2010I will not have enough for a down payment. Yes, I know it is better to have one, but I do not, and desperately need to purchase my home. I am responsible and pay my bills on time, my credit is good my middle score is 692, my debt to income ratio is 36%. I want to get a loan to try to take advantage of the 1st time home buyers credit.
Thank you in advance for your answers. 
Perhaps you didn’t hear my question… please read the first sentence and do not answer unless you can advise me of some lenders that do offer zero down home loans… that is why I posted the question.
In addition my debt to income ration IS NOT HIGH and you are ridiculous for saying so, my loan officer today told me that my debt to income was perfect and where it should be… upon further investigation this website will explain it to you so that you can understand:
http://www.investopedia.com/articles/07/debt_to_income.asp
In addition, you are borderline disrespectful by saying that my debt to income ration is "extremely" high, please educate yourself before shooting off at the mouth. I would be curious to now how great yours is then! Sorry to go on a tangent I just want to know WHAT LENDERS OFFER ZERO DOWN FINANCING.
You know what, I asked a simple f’n question. Seriously! I should’ve have never supplied additional information b/c it is the biggest f’n distraction from my actual question. I am not an idiot. I am perfectly capable. My bf and I purchased our first home with a worse credit score than I currently have and got a great rate in 07′, also we have no problems saving money… in fact I have money to put down and would rather have it for reserve. I am only purchasing a small investment property under 80K. You guys are so full of yourself that you would rather answer questions like a f’n telephone operator that hates her job and quotes policy to annoy people. I am not applying for a long with you! I came to yahoo answers to get a f’n answer not a CREDIT COUNSELING SUPPORT GROUP!!!!!!!!!!!!!!!! I already own a home!!!!!!!!!!! I have for 5 years, and everything in my bf’s name so that I can buy my first home. DON’T RESPOND UNLESS YOU CAN ANSER THE QUESTION!!!!!!!!!!!!!!!!!!
First time homebuyer with zero down?
Wednesday, March 10th, 2010Here’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.
Any 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.