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I want to get a zero down mortgage in Arizona.?
Question : I want to get a zero down mortgage in Arizona.?
I’m planning on moving in April. I decided I want to get into the housing market now, while everything is on sale. I don’t have a down payment. I currently pay $ 1150 a month for rent, so I figure if I shoot for a $ 900 a month payment, that will compensate for some home expenses without affecting my budget. I’m considering “lease to own,” but would rather just own. A piggyback loan might be an option, but it appears those are being phased out because of the mortgage crisis. I’m looking in the $ 120-150k price range. I want mortgage insurance, down payment, property taxes and everything else rolled into the loan. I keep Googling for information, but it seems like a never ending circle. Taking out a loan of this size is too important to just randomly pick a company who has a nice ad online. I also want to make sure I don’t get screwed over by high interest rates or other fees, that ultimately cause more problems than it’s worth. Anyone have some good advice? Would a mortgage consultant be a good idea? What about just finding a realtor and seeing what can be done? This is my first home attempt, so please be kind! 
zero down lease
Best answer:
Answer by Christopher T
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.
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#2 written by ajsnskool 1 year ago
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.
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#3 written by kemperk 1 year ago
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.
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#4 written by liberal_60 1 year ago
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.
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#5 written by Noneya 1 year ago
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. -
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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.