I want to buy a home. What kind of loan should I get?
I am 22 years old. I have a great job, and a credit score in the low 700's. I really don't want to put a down payment if I can find a way out of it. I would like to use the savings for appliances. What do you recommend?
Asked By: ((L.R.P.)) - 12/6/2012
Best Answer - Chosen by Asker
The mortgage loan that is 100% is the VA mortgage loan for U.S. military active duty, retirees and veterans that have the correct discharge to qualify... More
Answered By: loanmasterone - 12/6/2012
Additional Answers (8)
No mortgage lender will lend you 100% of the property's value - you'll need at least 10-20% downpayment. If you can't afford to save this now, then wait until you can.
Answered By: sunshine_mel - 12/6/2012
I don't think anyone is getting zero down loans anymore. You could talk to a lender. They'll have good advice on how to get your credit score up too.
Answered By: Anna D - 12/6/2012
Not only do you need a down payment, you need... More
Answered By: Go with the flow - 12/6/2012
Down payment required unless you wualify for a VA or USDA loan. Go to talk to a bank and see.
Answered By: Pascal the Gambler - 12/6/2012
FHA for minimum down payment.
Answered By: KANU moo - 12/6/2012
USDA loans are 100% and the seller can pay the closing costs if you can get them to pay it FHA is 3.5% down and the seller can pay closing... Talk with a lender or a couple
Answered By: real estate guy - 12/6/2012
Hi there ((L.R.P... More
Answered By: Home Loan Guru - 12/6/2012
The bank or mortgage company will only loan you 80% of what they determine the house to be worth so you would have to come up with the other 20% of maybe $20,000 to $25,000. The reason the economy is so poor is because people in the past have purchased homes with nothing down, had loans with a balloon payment, couldn'... More
Answered By: sophieb - 12/6/2012
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