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Money, Business & Finance Ground >> 0% down home loans a thing of the past?


4/10/09 2:35 PM
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disbeliever
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Are 0 down home loans a thing of the past? I know FHA requires 3.5% now. Can builders who use their own lender offer "specials" or is everyone bound by the same FHA laws?
4/10/09 5:19 PM
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clean livin'
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I say give it time. The facts are that this is the 2nd time in my life this has happened, and it will happen again. People don't have hardly any money to put down, as they spend their cash on stupid shit they don't need, and it will take time for them to learn not to do that. In the meantime, we all suffer, as home building employs the sort of people that cannot get jobs elsewhere. They also blow every dime they get. Once this particular regime in power finally grasp this concept, then they will come up with some scheme that allows people to put NO money down once again. About 7 years. Just my opinion.
4/15/09 12:48 PM
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DevilDawg
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I can still get a no money down loan but that's because I'm getting my loan through the VA.

Does that mean Im going to buy a palace in the middle of no where, absolutley not. I'm buying something smaller that I can afford in an more affluent city. That way if I have to sell it's not going to depreciate like all those people who bought into the whole new development in the middle of the desert. In the end those places are pretty boxes over a patch of dirt.
4/15/09 4:36 PM
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clean livin'
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Semper fi, mac.

WHat city are you looking in? I am in Nashville.

Glad you have a VA opportunity. Thanks for serving.
4/15/09 9:55 PM
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DevilDawg
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Thanks Clean Livin

Im looking for a condo/townhouse Redondo Beach or Torrance, CA


If my oldest daughter wasn't going into her senior year this year I would move to Huntington Beach because I can get a 2-3 bedroom condo 3-4 miles from the beach for under $375k.
4/21/09 3:18 PM
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disbeliever
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Yea i am aware teh VA offers 0 down loans still.

Can you get a VA loan simply through having relatives in the armed forces?

Im in a crappy situation. I have the good credit to get the modest home my family wants in southern PA, but do not have the 3.5% down payment. We are dealing with legal issues with our crap renter neighbors and want to get out ASAP.

I am going to try and self sell our townhome to save the little equity we have in it (11K).
4/21/09 3:34 PM
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mattmc
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Short answer is kinda/yes. Maybe not quite 0% but I own a title company and regularly still do closings for first time home buyers where they are only bringing 300 to 600 bucks to the closing table and they are walking away with their first home.
4/21/09 7:50 PM
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DevilDawg
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Sorry to hear about your situation. You or your spouse would have to be a veteran.
4/23/09 12:42 PM
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disbeliever
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mattmc - Short answer is kinda/yes. Maybe not quite 0% but I own a title company and regularly still do closings for first time home buyers where they are only bringing 300 to 600 bucks to the closing table and they are walking away with their first home.


But are they still putting down money on the actual house and only paying 300-600 for closing?
4/24/09 9:08 AM
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mattmc
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disbeliever - 
mattmc - Short answer is kinda/yes. Maybe not quite 0% but I own a title company and regularly still do closings for first time home buyers where they are only bringing 300 to 600 bucks to the closing table and they are walking away with their first home.


But are they still putting down money on the actual house and only paying 300-600 for closing?


No, they aren't putting down anything but 300-1000 bucks. Their loan plus first time home buyer grants covers everything. Those programs are out there.

I just did a closing last week where the couple was first time home buyers and with all the help they were getting they wrote a check for less than $1000 for their new home.
4/28/09 3:16 PM
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disbeliever
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What i am seeing is, every program is for FIRST time home buyers. Nothing covers someone looking to buy a new home :(
4/28/09 8:35 PM
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LiveWire
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disbeliever - What i am seeing is, every program is for FIRST time home buyers. Nothing covers someone looking to buy a new home :(

 That's what I'm hearing.
8/2/09 5:35 PM
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OldSchoolMike
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Buy a HUD owned home with a FHA loan and the down payment is a hundred bucks in some markets.
8/7/09 8:13 PM
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mattmc
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Just did a closing yesterday. First time home buyer got money back at closing.
8/11/09 1:31 PM
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disbeliever
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mattmc - Just did a closing yesterday. First time home buyer got money back at closing.


How?
8/11/09 7:18 PM
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LiveWire
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 $8000 first time home buyer tax credit?
8/18/09 12:05 AM
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JoeVIP
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Well my government dependent x-wife who works part time just bought a 150,000 dollar home. Got 1% intrest.....Yes 1% because she is a single mom who doesn't make a lot of money....by choice. Got the 8,000 dollar tax credit and paid zero down. FUCK YOU YOU STUPID FUCKING GOVERNMENT ASSHOLES!!!!!!!
8/18/09 12:16 PM
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LiveWire
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 Hmmm...I guess I went about it all wrong keeping my job.

Do you know the name of the program she qualified for a 1% loan under?
8/18/09 2:40 PM
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JoeVIP
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No I can ask but I'm still a little upset.
8/18/09 2:43 PM
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disbeliever
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i just want to know how she got 0 down. My mortgage guy is saying NO programs other than VA offer 0 down anymore.
8/20/09 1:00 PM
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LiveWire
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disbeliever - i just want to know how she got 0 down. My mortgage guy is saying NO programs other than VA offer 0 down anymore.

 ttt
8/21/09 3:49 PM
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disbeliever
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gusto - 

 fha=3.5%*150,000=5250-8000=(-2750)

rebate greater than 3.5%down payment

is this what we are talking about?

 



But the 8000 tax credit is not taken off "at the register" correct? Isnt that something you claim later on? So far as I knew you cannot buy a house and expect to use that 8000 tax credit towards a down payment. You still need to bring cash with you.

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