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Forum -> Household Management -> Finances
Is it possible to buy a house with no down payment?



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amother
Wheat


 

Post Wed, Dec 05 2018, 11:12 pm
Hi all,

Curious to know if it's possible to buy a house with no down payment (or very little) in the greater NY area or NJ.
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amother
Bisque


 

Post Wed, Dec 05 2018, 11:17 pm
It used to be. My parents bought their house with a 105% mortgage (so they even had some money for renovations)
But I don't think it's possible anymore. I bought my house with a 95% mortgage, so I only needed to pay 5% down. That's almost as good Smile
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Girl@Heart




 
 
    
 

Post Wed, Dec 05 2018, 11:29 pm
You should speak to a mortgage broker. You will be subject to addition mortgage fees if you put less than 10% down but I don’t know how low down you can put. I’m sure it’s a function of your credit rating and other factors that go into your mortgage application.

Good luck!
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SYA




 
 
    
 

Post Thu, Dec 06 2018, 12:29 am
If you qualify for an FHA loan then you can put down 3.5-5%. It is for a first time homebuyer. You need to be using it as your primary residence.
You will have to pay PMI (private mortgage insurance) but I’m not sure of the rates. The interest rate may be slightly higher than a regular loan, and your mortgage may have to pay 1point (1%).

Speak to a mortgage broker or your bank.
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chocolate moose




 
 
    
 

Post Sun, Dec 09 2018, 2:33 pm
Are you eligible for a ton of grants, or have family help?
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ez-pass




 
 
    
 

Post Sun, Dec 09 2018, 4:38 pm
You can put down ad little as 3% down. The only way I know of not to pay down payment is to do a VA loan which is a loan for a veteran.
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watergirl




 
 
    
 

Post Sun, Dec 09 2018, 4:41 pm
SYA wrote:
If you qualify for an FHA loan then you can put down 3.5-5%. It is for a first time homebuyer. You need to be using it as your primary residence.
You will have to pay PMI (private mortgage insurance) but I’m not sure of the rates. The interest rate may be slightly higher than a regular loan, and your mortgage may have to pay 1point (1%).

Speak to a mortgage broker or your bank.

I’ve posted about this before. As a first time homeowner, we qualified not even a year ago for a Fannie Mae loan that needed only 3% down and no PMI. The interest rates we got were that days rate. Not in NY or NJ.
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watergirl




 
 
    
 

Post Sun, Dec 09 2018, 4:42 pm
ez-pass wrote:
You can put down ad little as 3% down. The only way I know of not to pay down payment is to do a VA loan which is a loan for a veteran.

See my post above. We got a great conventional jon VA loan.
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ez-pass




 
 
    
 

Post Sun, Dec 09 2018, 4:49 pm
watergirl wrote:
See my post above. We got a great conventional jon VA loan.

You got a conventional I am assuming.
Va is a veteran loan that you can only get if you or someone in the household went to the army. That is a no down payment loan.
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amother
Cobalt


 

Post Fri, Jul 31 2020, 12:29 pm
If you cant afford any down payment, are you sure you can afford ownership of a house?

utilities?

what if cv a job loss in between?

taxes always go up on home owners

think well,

people get foreclosed for lack of cash stream to pay monthly.

You need to make a careful plan, and it seems someone who cant put any down payment, may not be ready to buy.
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