Home

Is it possible to buy a house with no down payment?

 
Post new topic   Reply to topic    Forum -> Household Management -> Finances

View latest: 24h 48h 72h


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.
Back to top

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
Back to top

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!
Back to top

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.
Back to top

chocolate moose




 
 
 


Post  Sun, Dec 09 2018, 2:33 pm
Are you eligible for a ton of grants, or have family help?
Back to top

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.
Back to top

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.
Back to top

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.
Back to top

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.
Back to top
Recent Topics

Page 1 of 1 View latest: 24h 48h 72h


Post new topic   Reply to topic    Forum -> Household Management -> Finances

Related Topics Replies Last Post
Take this thread in as many directions possible
by crust
413 Today at 10:17 pm View last post
Peelers that peel tomatoes, where can I buy or order online
by amother
9 Sun, Mar 17 2019, 1:38 pm View last post
Cheapest in Midwood or bklyn to buy a few different wines?
by amother
1 Sat, Mar 16 2019, 11:19 pm View last post
ISO cheapest place to buy tins ON-LINE
by cbg
4 Fri, Mar 15 2019, 1:35 pm View last post
by cbg
Rent House for Pesach in Lakewood
by amother
5 Fri, Mar 15 2019, 11:31 am View last post

Jump to: