7 Responses to “Where can I get a 100%, zero down mortgage? I have good credit, decent income, but no down payment.?”

1. Mary P on August 2nd, 2009 3:04 pm

   It is possible to buy a "Rent with Option to Own" home where part of your monthly rent payment is reserved for a down payment if you buy the home. The option is usually for one or two years, so you have a small down payment at the end of this time. If you choose not to buy, you lose this money.
   In today’s market, there may not be an honest zero down mortgages.References :

2. Jeff on August 2nd, 2009 3:31 pm

   Most of the mortgage lenders who did those kinds of loans have gone bankrupt.

   If you have good income, you should be able to save a down payment. You just have to keep at it every paycheck for maybe a year.References :

3. earth angel on August 2nd, 2009 3:41 pm

   find a short sale, or a foreclosure or house in auction. Lenders would want to help out and will give you a chance if you are really have a good credit, good income, and willing to buy even without down payment. Practice a very good negotiating skill because lenders would rather have a house sold than them making and losing a lot of money if they will keep the house. good luck. it is buyers time these years.References :

4. dvdgarofalo on August 2nd, 2009 4:04 pm

   What market are you in. I live in Chautauqua County NY. Admittedly the market here is depressed. However I am working with a client that is getting a 5k grant and FHA mortgage. We set the offer up in such a way that they will have about 500 to 1000 out of pocket.

   Do a web search for agencies in your area that do the same. You can ask a loan officer and they may help.References :

5. Galt Realty on August 2nd, 2009 4:54 pm

   Your best option is an FHA loan. Technically, it’s a 97% loan, which would normally require a 3% down payment. However, through the Nehemia program, you can get the seller to "gift" you up to 6% of the home’s purchase price to cover your 3% down payment and closing costs.

   Find a Realtor in your area to represent you on your purchase and a good loan officer who does FHA loans (and they should NOT be the same person). Be sure that both of them are familiar with the Nehemia program.

   Good luck.References :

6. J. Philip Real Estate on August 2nd, 2009 5:19 pm

   There are lenders who will do an 80/20 or a full 100% financing, chiefly through their community reinvestment programs. The best thing to do is call an experienced agent or loan officer in your community with a good track record and references. However, if you have no downpayment, you are tempting fate if you buy a house now. If your present income has not allowed you to save a downpayment, you face a serious financial risk if you get sick or lose your income somehow because you have no cash reserves in case the creek runs high.

   Frankly, you should just save your money until you have 3% down and do an FHA mortgage. 100% financing has only one advantage, the 0% down. But the downside is either a high rate, a high-cost 2nd mortgage, or both. FHA has very good pricing compared to most 1st-time loan programs.

   Save your money until you have a safety net, then buy.References : real estate broker
   loan officer

7. Mrs HarleyBrat on August 2nd, 2009 5:45 pm

   well at least you have most of what you need – try asking a local loan officer about a program called Nehemiah – it’s a gifted down payment program – my clients use it all the time – it pays your down payment (only 3%) but also includes paying for your title and closing costs (up to 6% of sale price) good luckReferences :

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