is it possible to obtain a $0 down home loan if you have good credit but no down payment? Ca 1st time buyer?
I make good money and have very stable employment, but in California it is still very difficult to obtain a down payment on a home. I hear that Ameridream is a possibility? Does anyone know? thanks.
The only way to have a down payment is to spend less than you make and save the difference. After the current meltdown, no bank is going to loan you this much money based on your salary.
You're dreaming. If you don't have at least 20% down, you're stuck. Anyway, that's been the norm in California. Now, who knows what will happen.
Uh, I don't know ameridream, but have you been watching the news on this planet!!! Credit crunch!! Even respectable businesses are having trouble floating loans. Back in the day, a house was the American dream. Now it seems to be the American entitlement. Be a responsible citizen. Save up for your dream home. Best of luck to you, but I suspect the days of free lunch are over.
You obtain a down payment by selling your assets and saving. It is not harder in CA then elsewhere. No, with the market falling you will not get a loan without a down.
Programs like Ameridream are no longer being given. As of October 1, ALL!!!!!!!! of these programs ended. I'm 100% sure of this since we had done about a dozen. It was a good program. VA does 100% loans (but you have to be a vet) Your state may have "bond" money, that allows 100% loans, but there are income restrictions. FHA would be the best. It's 3% down (on 1/1/09, it will be 3.5%). Get the seller to pay the closing. I have to ask. If you make good money, why don't you have any savings. You are spending more then you earn.
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