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How can a single Mom buy a home with little money down?
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USDA and VA offer $0 down. many municipalities have down payment assistance programs available, specific HUD homes can be financed with as little as $100 down and then of course the standard 3.5% down FHA or 5% FNMA or HomePath. there are a lot of options available but the only way to find out what you qualify for is to contact a licensed mortgage professional.
A lot of good answers. The one thing I would like to add, USDA loans will start to charge PMI for loans not processed by October 1, 2011 . Best of luck to you, Ron Shaffery
Yes, by contacting an mortgage broker and asking about a USDA loan
Have you considered HUD owned properties, you can go FHA with only $100 down or VA Vendee Financing?
I am sorry this has taken so long, I have been on vacation. In answer to your question, with a credit score of 640 or above, you would qualify for a FHA mortgage. This is a 3.5 down payment, however, you can borrow 6% of the purchase price to offset the cash amount you would need for closing. I'm sure you've heard the saying "the sellers helped us with our closing costs"? What that means is the sellers concession is the 6% inflated purchase price. It's hard to explain in an email, I would be glad to talk with you, either in person or over the phone to try and explain it more clearly.
Regards,
Sandie Commesso
Murphy Real Estate
315-439-3643 cell
Hi Billie Jo: A single mom can buy a home very easily with very little money down. You would contact Rural Development. Rural Development will supply your down payment money. You would need to come up with $500 to write a purchase offer. Then, get preapproved with your favorite bank or I can supply you with one. Be sure you don't go to a bank where they charge you to get preapproved. This service is free and takes about 10 minutes. If you get preapproved for an FHA mortgage, we can then ask the seller to contribute up to 6% in your closing costs. You would then have to come up with just about nothing.
A single mom can buy a home very easily with very little money down. You would contact Rural Development. Rural Development will supply your down payment money. You would need to come up with $500 to write a purchase offer. Then, get preapproved with your favorite bank or I can supply you with one. Be sure you don't go to a bank where they charge you to get preapproved. This service is fee and takes about 10 minutes. If you get preapproved for an FHA mortgage, we can then ask the seller to contribute up to 6% in your closing costs. You would then have to come up with just about nothing.
A single mom can buy a home very easily with very little money down. You would contact Rural Development. Rural Development will supply your down payment money. You would need to come up with $500 to write a purchase offer. Then, get preapproved with your favorite bank or I can supply you with one. Be sure you don't go to a bank where they charge you to get preapproved. This service is fee and takes about 10 minutes. If you get preapproved for an FHA mortgage, we can then ask the seller to contribute up to 6% in your closing costs. You would then have to come up with just about nothing.
A single mom can buy a home very easily with very little money down. You would contact Rural Development. Rural Development will supply your down payment money. You would need to come up with $500 to write a purchase offer. Then, get preapproved with your favorite bank or I can supply you with one. Be sure you don't go to a bank where they charge you to get preapproved. This service is fee and takes about 10 minutes. If you get preapproved for an FHA mortgage, we can then ask the seller to contribute up to 6% in your closing costs. You would then have to come up with just about nothing.
A single mom can buy a home very easily with very little money down. You would contact Rural Development. Rural Development will supply your down payment money. You would need to come up with $500 to write a purchase offer. Then, get preapproved with your favorite bank or I can supply you with one. Be sure you don't go to a bank where they charge you to get preapproved. This service is fee and takes about 10 minutes. If you get preapproved for an FHA mortgage, we can then ask the seller to contribute up to 6% in your closing costs. You would then have to come up with just about nothing.
A single mom can buy a home very easily with very little money down. You would contact Rural Development. Rural Development will supply your down payment money. You would need to come up with $500 to write a purchase offer. Then, get preapproved with your favorite bank or I can supply you with one. Be sure you don't go to a bank where they charge you to get preapproved. This service is fee and takes about 10 minutes. If you get preapproved for an FHA mortgage, we can then ask the seller to contribute up to 6% in your closing costs. You would then have to come up with just about nothing.
The best thing to do is go to several lending institutions and ask them to qualify you and show you what types of loans are out there. Since the economic downfall, several unique loans have become available, but you need to ask someone that specializes in loans.
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