Is it still possible to get a mortgage with no money down?
I have a perfect credit (estimae between 745-795) and I have been with new employer for over 6 months not a bad income too (500 per week). I would like to get something with no money down in Las Vegas, NV. Is it gonna work? What is the best way to do that now? Thanks.
I never owned a home or anything, I only had one auto loan and I paid it off. I have / had credit cards too (no late payments at all etc). No collections or nothing negative at all, credit history for 6 years.
3 Responses
WHAT?
17 Jul 2010
Steve D
17 Jul 2010
Nope…there are no more "no money down" loans – best you can do is an FHA loan which will require 3.5% down, plus figure another 4 to 5% for closing costs. At $500 a week (I assume gross) you make about $25,000 a year which means you can afford a mortgage up to $75,000 at most. However, you will need to be in your job for another 18 months, since in addition to the down payment and good credit, you will also have to show 2 years of stable work history at the same employer.
Figure that you will need 7.5% to 10% cash, so you will need between $5,000 and $7,500 in the bank when you start looking.
Rick B
17 Jul 2010
You’re kidding right? You make less than $30K and you want to buy a house?!?!?!?!!?
You also have been with your employer for less than 2 years and you have no money down.
Not only will you be unable to get a loan, but you SHOULD NOT get a loan. You are in absolutely no position to buy a house.
Pay off your debts. Save up 10% to 20% to put down. Save up a cash emergency fund of 3 to 6 month’s expenses. Save up 3% to 5% to cover the closing costs and other costs that might come up. Get at least 2 years of work experience with the same company. THEN start looking at a home.
Not sure you will find anything you can afford on that income in Vegas though!
It is difficult, but if you find a private seller, who will do AN AGREEMENT OF SALE", then you will have a chance. Possibly someone in financial difficulty or some one with several homes to unload.