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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  Yesterday at 2:33 pm
Are you eligible for a ton of grants, or have family help?
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ez-pass









  


Post  Yesterday at 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  Yesterday at 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  Yesterday at 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  Yesterday at 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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