I want a zero mortgage Arizona.?

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I intend moving in April. I decided that I want to get into the housing market now, when everything is for sale. I have no downpayment. I am currently paying $ 1,150 a month rent, so I guess if I pull the monthly salary of $ 900, which offset a portion of the cost of a house without affecting my budget. I plan to “hire purchase”, but only their own. Return the loan may be an option, but it seems they are out, since the mortgage crisis. I am looking for price range $ 120-150K. I want to mortgage insurance, payment, property taxes and everything else rolled into the loan. I keep Googling the information, but it seems like an endless circle. Taking out a loan of this size is too important to randomly select a company that has an ad online Nice. I also want to make sure I’m not screwed on the high interest rates or other charges, which will eventually cause more trouble than it’s worth. Anyone have any good advice? The mortgage consultant should be a good idea? But just to find a realtor and see what we can do? This is my first home Test , so please be nice:)
Hello, I tried to BOA to see if I could get a mortgage to buy a condo in advance, which costs $ 100,000. If the BOA asked me how I put down, I told them I hoped to do for a bank loan and the guy told me I would ask the contribution of aid and see if you could give me 3% of the HUD. I am looking for a seller who pays the closing costs, or if I could put a down payment and closing costs and loan BOA told me I could not. I’m not buying a first that I’ve been 4 person job title and a second home mortgage. I guess my question here is whether there are other ways for me to get this condo that I want. Thank you for your reply.

  1. Reply
    Christopher T
    February 22, 2011 at 9:01 pm

    That can’t be done. Although most closing fees and mortgage insurance can be rolled into the principal, the down payment and prepaids cannot. For an FHA loan, you must have a down payment of atleast 3.5% and for a conventional loan you must have atleast 5% normally.

    No mortgage company will allow you to take out a mortgage without a down payment… it indicates you are not ready financially to purchase a home.

    If you do not have enough for a downpayment, then start saving up and you will be ready to go soon. With the current market and this time of year, you are gonna find a nice home at a low cost even if you have to wait a couple months.

    As for companies, talk to all your local banks and you will find a good option that you are comfortable with.

  2. Reply
    February 22, 2011 at 9:55 pm

    You are wanting to get a loan which currently isn’t being offered much any more. These kinds of loans are mostly the cause of the current crisis. If, and that is a big if, you can get a zero down mortgage with the incredibly low monthly rate, you will have a huge interest rate. Talk to some mortgage consultants if you don’t believe me, good luck you silly dreamer.

  3. Reply
    February 22, 2011 at 10:47 pm

    I’m in the process of buying my first house now too. I did some research and contacted several mortgage lenders, and found the best rates, smallest fees and bes tpersonal contact (via phone and walking into their office) was with Countrywide. I got a great rate locked in at 5.125% on a conventional mortgage that includes property taxes, homeowners insurance and the pmi (mortgage insurance which is required until you have 80% equity), as well as some of the closing costs which will come to about $ 5000. I’m putting about 8% down which was no problem the FICO score I have. You can get a conventional loan with as little as 5% down. An FHA loan can be gotten for as little as 3% down. You can’t get the downpayment rolled into the mortgage… that has to come out of pocket, as do the prepaids (home inspection, appraisal, atty fees, etc.). I connected with Countrywide through my realtor and just liked dealing with them more than any of the other places I checked out (thru my bank, 2 lenders thru Lending Tree.com). Also, Countrywide does not sell their mortgages. They’ll service you throughout the life of the mortgage (that’s what they say anyway). I’m not saying you should use them, but I have found them very helpful and friendly and made the whole process very easy. The only documentation I needed for my loan was my 4 most recent paystubs, my bank statements from checking and savings accounts, my last 401K quarterly statement, a credit report (which they obtain), your last tax return (which they obtain from the IRS directly) and my last 2 W4s from my employer. Getting the income verified loan got me a better rate and honestly, they probably won’t do no doc loans anymore.

    Good luck.

  4. Reply
    February 22, 2011 at 10:50 pm

    a; I am a buyer’s agent, which means I can rep you on the house finding.
    b; you can ALWAYS seek a lease-purchase until you can
    qualify by having a down payment.

    I was told by lenders that 1-2 do offer 100% financing. That is
    what they say, I have no proof of it.

    I have another way to get you in, if you care to know.

  5. Reply
    February 22, 2011 at 11:33 pm

    Save up some money for a down payment. You will get better terms on your loan. You have time. Prices are still falling so there is no reason to hurry. Take your time, and learn about this. Talk with other people who have done it. Read some books about buying a house to live in, not books about real estate for investment purposes. Be skeptical.

  6. Reply
    February 22, 2011 at 11:45 pm

    Depending on you mid credit score, there are a couple of options still available for 100% financing.
    The best place to start would be to look at HUD owned homes in the area you want to buy. Here is a link http://www.hud.gov/homes/index.cfm
    In some ares HUD will reduce the required down payment for an FHA loan down to $ 100.00 and pay 3% of the sales price towards your closing costs.
    If that’s not an option, you will need a mid score of at least 680 to qualify for the other program.

  7. Reply
    I Love Richard KHC
    February 23, 2011 at 12:37 am

    You can wait and save some money for a down payment. If you are buying a 100,000 condo and you can’t come up with 3% you might need to reconsider the amount you are trying to borrow. usually they ask for at least 10-20% so 3% isn’t unheard of. The down payment on a mortgage is the banks collateral because if you default on the loan then they have something to show for it.

  8. Reply
    February 23, 2011 at 12:55 am

    Borrow the down from family/friends. Some lenders will allow this others won’t unless you get a signed ‘gift’ from the family member.

    You also can try to get the condo owner to take paper back for the down – if it has been on the market for a long time. Most won’t go for it, but if they can’t sell it you may be able to wing it.

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