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Can I buy a home with no down payment and a middle credit FICO of 749?

I found a great home worth roughly 215,000 and I want to move in as soon as possible, but I really don't have 20% down payment for the mortgage. I make roughly 45k a year, and I'll get some help from my folks in regards to monthly money. Are there any programs that would allow me to buy this home with no down payment, or maybe 4-5% down? Thanks. by jennif_861_922 from Atlanta, Georgia. Jan 13th 2012 Reply


Sales Manager Matthew Boyce (bestlender)
#8 ranked lender in New Jersey - 19 contributions

Great questions... and great city you're in. There are a bunch of options for you: FHA will allow you to only put down 3.5% with a great interest rate... Conventional mortgages allow 5% down and there are other programs such as VA and USDA that will do 100% financing. Email me anytime to discuss at mboyce@emmloans.com Thanks and good luck!

Jan 13th 2012
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

Yes, Fha loans would be the best choice for you, and also I would suggest if you send me the address, i could see if it would qualify under a program that would allow you to put 3% down, and sometimes your closing costs will be paid.. my email address is lindaforloans@live.comAlso, you might check if your community has any grant money.. I am on the source for down payments in OK, for example. I work with the community there..

Jan 13th 2012
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Christina Murphy (ChristinaMurphy)
#31 ranked lender in Georgia - 9 contributions

Yes, there is a great possibility that you could qualify for an FHA loan which requires only 3.5% down. I would need more information to answer for sure, and I would like to know more about the monthly help from your folks. Please call me in the Atlanta area at 678.493.3366, Christina Murphy, Oglethorpe Mortgage.

Jan 13th 2012
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James Brooks (JamesB)
#10 ranked lender in North Carolina - 2,991 contributions

Hi Jennifer:There 2 programs such as VA and USDA Programs will will alow 100% financing, and another program for $100 downpaymentI also have several real estate agents in your area that specialize in finding homes for the $100 down programsFeel Free to contact me at 919 655 5461 or visit my website For more information on USDA Programs

Jan 13th 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,558 contributions

FHA requires 3.5% down. Contact a local mortgage broker, not a bank, and apply with them. They have access to numerous lenders and can find the right lender for your particular scenario. WilliamAcres.com

Jan 13th 2012
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James Barath (JamesBarath)
#10 ranked lender in Indiana - 351 contributions

Unless your a veteran, than an FHA Insured Home Loan with 3.5% down or an insured conventional with 5% down would be required. Based on your mid-FICO score, the insured conventional would offer the lowest monthly payment as the monthly mortgage insurance would be cheaper. However, if you want to keep the extra $3225 in your pocket, then FHA would be a better fit for the time being.

Jan 13th 2012
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Mar 15th 2013
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