- This topic has 0 replies, 1 voice, and was last updated 9 years, 1 month ago by Anonymous.
- May 30, 2011 at 10:03 pm #222775AnonymousInactive
first home? I know that FHA loans require as little as 3.5% down, but that’s still several thousand dollars, even for the cheapest homes. For someone who just can’t get that much money together, BUT could easily afford a monthly mortage – are there any programs that allow someone to purchase a home with NO downpayment BESIDES the first-time homebuyer program? Or is there a certain amount of time after you’ve used that program, that you can use it again? I bought a house 3 years ago and used that program, and I’d like to buy another house, but can’t afford thousands for a downpayment.
And yes, I CAN easily afford a monthly mortgage. A $100,000 house, with zero downpayment, at current interest rates, would be a mortgage of just over $500 a month. I pay more than that right now in rent for my apartment. But getting together more than $3,000 for a downpayment is nearly impossible for me because I’m a single mom and day-to-day life demands most of my income, I can’t set aside big chunks of it.
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