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Can you get a mortgage with no money down? Also, can you get a mortgage for more than home is worth 4 repairs? | no money down mortgages
Posted by: admin / Category: no money downI want a starter house that is 64k. I have no money down but can save up if need be. If no money down is not a option, how much will i need to save? Also, the house needs some repairs, do they still give mortages for more than selling price for repairs?
Due to the houseing market and the subprime losses, I seriously doubt if you will get a no money down loan. You will probably need a minimum of 10%, but if you hav 20% then you will avoid extra charges for insurance fees.
Try looking in your community for first time buyer grants. Many times they will help first time buyers, but the do have restrictions on salary, and require a length of time you must live in the home you purchase.
July 2nd, 2010 at 11:45 pm
Due to the houseing market and the subprime losses, I seriously doubt if you will get a no money down loan. You will probably need a minimum of 10%, but if you hav 20% then you will avoid extra charges for insurance fees.
Try looking in your community for first time buyer grants. Many times they will help first time buyers, but the do have restrictions on salary, and require a length of time you must live in the home you purchase.
References :
July 3rd, 2010 at 12:26 am
There are many programs available now for no money down. Wells Fargo use to do a loan program that allowed for money on top of the purchase for repairs, it was called ‘subject to lending’, others might offer it, Wells was the only one I know of personally that did it. After you supply them with the plans of the repairs they have an appraisal done to value the property ‘subject to’ the work being completed.
References :
mortgage lending management 15 years
July 3rd, 2010 at 1:11 am
What about seller financing until you can save some money? Is the house habitable? Could you live it and make repairs? What you could consider is first time buyers money, and an FHA loan. If you have good credit, just no real history, then a lender may be willing to help you. Check with a few lenders in your area. Oh and don’t let them talk you into an adjustable rate or interest only loan.
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July 3rd, 2010 at 1:30 am
Maybe a few months ago.. But now many mortgage companies are going out of business because they were giving mortgages to unqualified buyers, etc…
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July 3rd, 2010 at 1:36 am
Yes, both products are still on the market. Only catch is that typically they’re different loans. I’m not aware of any programs that do no money down AND use "subject to" value at the same time. My advice is at least save up the money for repairs fi you can and then just go with the no money down mortgage. Those are more common.
References :
mortgage broker