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How can I buy a house with no down payment?

I'm wanting to buy a house and my husband and I don't have great credit and would like to put no money down. We'd like to save what we have in savings for unexpected things that might happen after we buy the house. How can we get down payment assistance or something? We live in Texas if that helps.

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  • 1 decade ago
    Favorite Answer

    Unless you have some extreme circumstances I wouldn't dare try for a 100% loan. Those people who were getting 'no money down' loans a few years ago are now finding themselves upside down on their loan amount... which means they got a loan for 100k for a house valued at 98K with closing costs rolled in. Now, with all of the recent foreclosures dropping home values like a rock, your house is now valued at closer to 80k leaving you close to 20K in negative equity... which will have to be paid if you were to try and sell the home. It's an ugly truth but people need to realize this. I worked in the mortgage industry and I left because everyone I worked with only wanted 100% and these people kept less than 500 in the bank. You need to educate yourself about how financing works before you contact a biased loan professional.

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  • Anonymous
    1 decade ago

    With not so good credit AND no down-payment, I don't see it happening. Get a credit report done and see what is hurting your credit. You may be able to dispute or pay off a lot of accounts that are hurting you. Late payments are also a no-no and can damage your credit. Make sure all your bills are paid on time. Second, start saving up right now for a down payment. Sometimes all you need is 3.5% of the house price. If the house is $200,000, you need $7,000. You could always dip into your savings account for a little bit of money, save some, and then use the rest from your tax return. With good credit and a down payment that will take you a lot further.

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  • 1 decade ago

    Use the USDA Rural Housing Program, which offers 0% down.

    I would love to assist you with obtaining a mortgage. Email me, and let's discuss!

    MSmith@PrecisionFundingUSA.com

    Martin

    I am on line now!

    Source(s): Mortgage Broker
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  • the d
    Lv 6
    1 decade ago

    NOBODY is buying a house right now without atleast 5% down.

    now even if you ahd a 770 credit score and made 60,000 per year, no way no how,

    It's that tough right now.

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  • Anonymous
    1 decade ago

    ....

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