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We are trying to sell our home in this slow market. We are considering dropping our price again, but start to worry if we will have enough from the sell to put money down on a new home. Are zero down loans still being offered to those with good credit? If so, should I just worry about making enough to pay for closing\fees\ect. I know that putting 20% will save me from PMI, but that just may not be an option if I want to sell my house.
Ah, Well 3% to 5% down will give me some more room to price my house below some of the competition. I don’t want to make killing in equity, I just want to make sure I have enough left over to pay everybody and get into a bigger house. We have baby on the way and need some room to grow. It would be nice to be in the new home before all the excitement starts, there is just alot of competition. Thanks.

7 Thoughts on Are Zero Down Loans still being offered?
  1. Reply
    Pat B
    February 6, 2014 at 5:08 am

    Yes, 0 down loans are still being offered, however some PMI companies are insisting on a minimum of 3% down with some insisting on 5% down.
    Contact your mortgage broker and ask him or her what the terms are in your area.

  2. Reply
    February 6, 2014 at 5:55 am

    100% are basically a thing of the past, in my area the most that’s available is 97% and that is still only with excellent credit. If you have credit below a 680 expect to have to put down close to 20% because it’s now hard to find PMI companies willing to insure people with lower scores.

  3. Reply
    February 6, 2014 at 6:01 am

    Are u on crack ? Why are u selling / buying with the market’s condition.

  4. Reply
    February 6, 2014 at 6:26 am

    The key to not putting money down is to buy a home at less than market value.

    The most recent stat I saw said that “95% LTV is the best buyers should expect.” So you should either plan to put 5% down or to look for a home that you can buy for at least 5% under value. “Value” refers to what the lender’s appraisal.

    To put this into perspective, if a house could appraise for $ 200,000, you’d either need $ 10,000 down or to buy it for no more than $ 190,000. 5% under value isn’t inpossible…

  5. Reply
    February 6, 2014 at 7:05 am

    There is the 100% mycommunity mortgage program available – however it does have PMI and you may be required to put 5% down if your home is in a declining market area. To find that out – just ask your mortgage loan officer or realtor. You will need a higer credit score to make sure that the PMI company will insure it – so if that isn’t a concern for you then you should be ok.

    Good luck!

  6. Reply
    G P
    February 6, 2014 at 7:19 am

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  7. Reply
    February 6, 2014 at 7:30 am

    Yes, zero down loans are still there. The best loan out there is a 102% USDA loan guaranteed by the government, that depending on where your house is, could actually let you sell it to your buyer and they could use that program to buy yours. After you were finished with your sale and had little cash, you buy your next house USDA.

    It is up to 102%, no money down, and no mortgage insurance required. The 2% you see above is a 2% funding fee you can either pay up front or finance in. The real beauty is that depending on appraised values, closing costs can be rolled in as well, up to appraised value.

    There is no 6% limit on seller concessions as there are on other programs. If selling your house USDA doesn’t work for you ( because of location ) how about you offer your buyer a down payment assistance program.

    When it comes time for your next purchase, and you can take advantage of USDA, set it up so you come in with very little cash.

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