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Started By
Message
First Time Buying a House
Posted on 1/20/16 at 1:21 pm
Posted on 1/20/16 at 1:21 pm
Does anyone know anything about loans with 0 (or very little) down?
Any advice would be appreciated.
Any advice would be appreciated.
21
Posted on 1/20/16 at 1:21 pm to ZBeaux10
FHA loan or rural loan
prepare to pay PMI
prepare to pay PMI
Posted on 1/20/16 at 1:22 pm to ZBeaux10
You should ask this question to the Dave Ramsey disciples on the money board 
Posted on 1/20/16 at 1:22 pm to ZBeaux10
Like what? The first time home buyers grant? You have to make under like 70k a year to qualify for those, if that's what you are referring to.
Posted on 1/20/16 at 1:23 pm to Salmon
I thought even with FHA, you needed at least 3% down. PMI and higher interest rates than conventional loans.
Posted on 1/20/16 at 1:24 pm to ZBeaux10
If you are that broke move back with your parents until you have a down payment.
Posted on 1/20/16 at 1:25 pm to ZBeaux10
quote:
Does anyone know anything about loans with 0 (or very little) down?
FHA Loans require 3.5% down but the clonsing fees are really high and you have to pay PMI, but you can likely finance the closing fees.
SOme banks offer 0% down for first time home buyers, but your rate is higher and you will likely be paying PMI.
if you make under a certain amount and are loking to buy in rural areas, you amy qualify for USDA loans.
This post was edited on 1/20/16 at 1:26 pm
Posted on 1/20/16 at 1:26 pm to chryso
quote:
If you are that broke move back with your parents until you have a down payment.
Without that "enthusiasm", I agree - 0 down will end up costing you in the long run / limiting your options. Save up for a good down payment and you'll thank yourself 10 years down the line.
Posted on 1/20/16 at 1:28 pm to stevengtiger
quote:This is correct. Although the interest rates aren't high at all, at least mine isn't.
I thought even with FHA, you needed at least 3% down
Posted on 1/20/16 at 1:28 pm to ZBeaux10
What's the deal with USDA guaranteed loans?
Posted on 1/20/16 at 1:29 pm to X123F45
quote:You tell me, Seinfeld.
What's the deal with USDA guaranteed loans?
Posted on 1/20/16 at 1:29 pm to ZBeaux10
I think some of the rural development loans are offering some type of 100% financing options, but I am not certain.
Posted on 1/20/16 at 1:30 pm to ZBeaux10
My advice. Save some money. It will be better for you to come with some money down for the loan, but also you're gonna need some money to spend on the house. You gotta furnish that shite, put blinds up, and got bless your soul if there is a female living with you. Ugh the crap I had to buy after I bought my house. Plus you need a good emergency fund in case you gotta fix some shite.
Posted on 1/20/16 at 1:30 pm to MrSmith
quote:
The first time home buyers grant?
Grant huh?
quote:
You have to make under like 70k a year to qualify for those
70k puts you at a salary more than 90% of the US popluation.
quote:
MrSmith
What are you 16?
ETA: 20% Down, 6 month emergency fund, max 401k to employer match, max ira....until you can do this don't buy a house.
This post was edited on 1/20/16 at 1:32 pm
Posted on 1/20/16 at 1:31 pm to TigerSaints318
quote:Tell me about it. $1000 per room for just curtains/blinds.
You gotta furnish that shite, put blinds up, and got bless your soul if there is a female living with you. Ugh the crap I had to buy after I bought my house.
Posted on 1/20/16 at 1:31 pm to Displaced
quote:
you can likely finance the closing fees.
The current trend is to ask for the seller to pay closing costs.
Posted on 1/20/16 at 1:32 pm to X123F45
quote:
What's the deal with USDA guaranteed loans?
if you alone make less than like $72k (or something like 130K as a family) you qualify for a "rural development" loan which gets you a cheaper rate with as little as 0% down but it only applies to certain areas. Usually farther away from your local city.
Posted on 1/20/16 at 1:32 pm to H.M. Murdock
quote:
What are you 16?
Grant was the wrong word but I don't understand why that makes me 16...
Posted on 1/20/16 at 1:33 pm to Bmath
quote:
The current trend is to ask for the seller to pay closing costs.
when we were shopping loans, the closing estimates on an FHA loan were about $13k. that is a lot to ask of the seller if you arent willing to pay asking pice.
Posted on 1/20/16 at 1:34 pm to Bmath
quote:
The current trend is to ask for the seller to pay closing costs.
I had the sellers pay the closing costs when I bought my house in 2010. It must have just started around then because they thought I was crazy, but they ended up doing it when I was willing to walk away. I had 20% to put down, but I wanted to save the cash from closing costs for any repairs/updates I was going to do after moving in
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