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How to buy a house for the second time??

My family might be relocating to a new state and we would have to sell our current home and buy a new home. My question is do we absolutely NEED a down payment or can we do 100% financing again. I am clueless on this stuff. When we sell our current we won't get a lot out of it so I can't see us coming up with a down payment.

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funmomof2

Asked by funmomof2 at 11:45 AM on Dec. 11, 2008 in Home & Garden

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Answers (8)
  • You would have to talk to a mortgage broker to find that out. They have to look at your credit score and determine if it is possible to do 100% financing. But with the new laws and the economy you pretty much have to have perfect credit to do 100% financing.
    feesharose

    Answer by feesharose at 11:49 AM on Dec. 11, 2008

  • You may want to check with a loan officer in your are not a broker.
    1stand2nd

    Answer by 1stand2nd at 12:04 PM on Dec. 11, 2008

  • You would need to talk to a loan officer. Very, very few banks are giving 100% loans anymore. Too many of them have gone belly up. WIth a history of making a house payment, you may have better luck getting one though.
    kaycee14

    Answer by kaycee14 at 12:25 PM on Dec. 11, 2008

  • There are no longer 100% programs anywhere UNLESS you can find a USDA RHL (the county in which you are going to move has to be eligible... If it is then if you qualify for the loan (credit, job history, debt ratios etc) you can actually go over the 100% if the appraisal is high enough to capture and pay your closing costs.
    http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
    I can answer any other questions you might have. The other thing to this is that you cannot currently own a home.. but I am checking on this. If you can give me an idea of what state and County I can help..*S*
    mamakirs

    Answer by mamakirs at 12:26 PM on Dec. 11, 2008

  • Mamakirs, thanks for the info. We would be living in Benton county in Wa. We currently own a home and have never been late on our mortgage payment.
    funmomof2

    Answer by funmomof2 at 6:48 PM on Dec. 11, 2008

  • You have got to be kidding me...I live in Wa and just moved from Benton County about 2 years ago. Kennewick/Richland area? Or tri Cities as we call it? I will do a search in the am but I am almost certain that there are no eligible counties in the Tri Cities but let me double check. Im only about 90 minutes from there...how crazy is that? Walla Walla I am guessing maybe with that your hubby does? Or maybe Connell? add me and we will see what we can do....
    mamakirs

    Answer by mamakirs at 8:17 PM on Dec. 11, 2008

  • http://www.choc-wa.org/ - you can try giving them a call, also... they are an organization with the sole purpose of helping home-buyers in Washington. I think they generally work with first time buyers, but maybe they have some resources for you. Never hurts to check.


    My mom runs one of the largest construction companies in Washington state and their houses are selling for 100,000 less than this time two years ago. They are in NW washington so it doesnt help you location wise, but the state is getting more affordable. good luck!

    LuminousMom

    Answer by LuminousMom at 2:30 AM on Dec. 12, 2008

  • We Just got our loan, and we had to have 3.5% (as of 2009) as a down payment. for an FHA loan.

    All the programs out there that used to get you out of the PMI the 20/80 type loans are gone. We have PMI of 89 bucks a month. Also it was hard to get qualified even with an awsome credit score... they looked at all of our bills. It honestly made me feel like a poor kid in a department store... sucked. but we did get financing and an awsome rate so it was worth it. Good Luck!
    CocoMason

    Answer by CocoMason at 10:50 PM on Dec. 20, 2008

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