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Originally Posted by blktour
Is there a way to get 0 DOWN? I qualify for First time home buyers loans, and also the VA loan. that will not let me get 0 down? I have money to put down, but I want to use that money to buy the stuff I need once i get in the home. like a bed, and couches and tables, plates. I have never lived on my own, so this is the first time that I buy things of my own.
I will NOT have my buddy on the loan. he doesnt want to be on it, which makes it easier.
I will ALWAYS plan to pay a butt load in taxes and insurance. just to be safe.
I will go in on Tuesday to speak to a mortgage lender to see what I qualify for.
Is there a charge I would have to pay to just see what I qualify for? like a credit check charge right?
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That (zero down) might be tough to do given the current climate in the home loan industry. The lenders figure if you invest some of your own money you'll be less liely to walk away if times get tough. You might be able to wrangle an FHA loan with 2.5% down. Anything less than 10% and you'l for sure have to pay PMI (private morgage insurance) which protects the lender until you can prove you have a 20% equity in the home. If you need cash after you move in at 20% down you should be able to get a small equity line to work with which is also tax deductable.
One thing I neglected to mention previously - when you own a home and have interest/tax deductions for it, you may be able to add more deductions in your regular paycheck. I would see a pro to discuss your situation but that could give you more cash on hand each month.