Can we get a good deal through a goverment loan? We have no money down!!?
by Mortgage Rates on Sunday, October 3rd, 2010 | 4 Comments
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Eh. Closing costs….$6000. If you get a gift you should have gotten it by now cuz they will rake your gift person through the coals to assure you are not expected to pay it back. Nightmare. If you have savings, hang onto it.
Just because you don’t HAVE to put money down does not mean you SHOULD not put money down.
You are in no position to buy a house. Since you have no savings, you are obviously spending more than you earn.
You need to pay off any debt, save up 10% to 20% for a down payment, save another 3% to 5% for closing costs, AND have a cash emergency savings fund of 3 to 6 month’s expenses.
Then you can start thinking about a house.
As stated, there are closing costs that you need cash for. FHA requires a 3.5% down payment. There are USDA loans, but that program will not have any more money until 2011.
I was in a similar situation a few weeks back. I found assistance at http://www.loantalk.tk