what mortgage lenders require a “no deposit home loan qualification?

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I’m buying a condo for 80K with little or no money to bet and decent credit. How do I get a mortgage like that?
I have excellent credit, and I currently own a modular home. Since I pay a mortgage, the more I praise my fate, I want to sell and buy a house. The problem is that I buy an offer from the owner of my land, rent my house, but offers me very little money left over. I know there’s no better time than now to buy, but what are my chances based on my fiancial situation?

  1. Reply
    Patrick G
    January 27, 2011 at 8:51 pm

    Good credit. Over 700 if not over 720 fico. Reserves help also. Have around 6 months house, taxes, and insurance in the bank. You can get a loan without all these items, however the better loans will want them.

  2. Reply
    Real Estate Advice
    January 27, 2011 at 8:52 pm

    If you’re intend to live in the condo, your chances are better. Investors getting 100% financing on condos is getting rarer and rarer these days. I’ve heard of 100% programs with no private mortgage insurance offered by the big banks. You need a credit score well over 700 though. The rate is a bit higher, but the bottom line looks good.

    Assuming the seller will contribute to your closing costs (say 3% or more), you could possibly get your interest rate “bought down” while getting in with zero-down.

  3. Reply
    January 27, 2011 at 9:20 pm

    As long as you’ve got the excellent credit you say you’ve got you should be fine. If you absolutely had to you could use a personal loan or a credit card to get a small down payment.

  4. Reply
    January 27, 2011 at 9:41 pm

    Nearly impossible, depending on what you mean by little.
    That’s why we have the current financial crisis.
    You need to save up for a down payment, 3/5-5% for FHA, and 10% is better. You should maintain/BUILD your credit, because the lower your rating, the higher the interest rate.

  5. Reply
    January 27, 2011 at 10:01 pm

    Were doing this right now, depending what state your in, there are grants out there up to $ 20,000 for your down payment. call a lender or realitor and see if they can look into this for you. the state will give you a grant to pay the down on your new home.
    Good luck!!! happy house hunting.

  6. Reply
    Courtney K
    January 27, 2011 at 10:32 pm

    Typically you need at least 10%-20% of the downpayment. The whole ‘economic mess’ was created by people not putting any money down, and getting financed for more than they could afford.

    You do have some options. You can purchase a house on a contract for deed- or another option is rent to own.

    You can find more information and people who can help you purchase a home. at

    Courtney Kostelecky
    Author Surviving the Pink Slip

  7. Reply
    January 27, 2011 at 10:53 pm

    There is much more to owning a home than having a down payment and if you don’t even have a downpayment, then YOU CAN’T AFFORD A HOME! It’s the banks giving loans to people like you that got us into all this mess in the first place!

  8. Reply
    Beverly S
    January 27, 2011 at 11:36 pm

    There are only 2 zero down programs- they are VA loans- you must be a vet to qualify, and there is the RD loan- property must be in a rural area. FHA is 3.5% down- All other programs are 10-20% down.

  9. Reply
    January 27, 2011 at 11:47 pm

    Good credit score I guess is the most important thing, I doubt you’ll have much of a problem getting the mortgage. Other factors like mortgage amount, price of property would be most important in this case.

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