Can I get a HUD loan if I have no down payment?

You could have options.. First, if your a military veteran, you might have VA benefits available where you can do a zero down loan. If you purchase a home in a USDA defined area, those homes are also zero down. HUD is offering a sales incentive, $100 down payment on select HUD foreclosed homes, but they are not available in Michigan. Any other program will require a down payment, either from you or in the form of a gift or grant, but you will need a down payment.. the best advice I can give you would be to get with a local mortgage broker and get pre approved.. once that is complete, he can refer you to a realtor who is familiar with local down payment assistance programs.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Here are your options. For an FHA loan the downpayment and closing costs can be gifted from family or a family like relationship. You also have the option of using the USDA RD loan this program allows you to purchase a home outside of the immediate lansing area, with absolutely no money down. Call me so we can go over your situation. 517-240-3015

Here are your options. For an FHA loan the downpayment and closing costs can be gifted from family or a family like relationship. You also have the option of using the USDA RD loan this program allows you to purchase a home outside of the immediate lansing area, with absolutely no money down. Call me so we can go over your situation. 517-240-3015

Andrew, Good morning. The answer is yes, provided a family member will gift you the 3.5% down. There are also community programs. If you are a Veteran you can go 100% on a VA loan if you have not used your entitlement and were honorably discharged or medical discharge. If it is in a rural area then USDA can also be a viable source of no down payment mortgage financing. Call a local mortgage broker and get your options.Brad Cahoone - NMLS ID:184176 - Global Home Finance Inc. NMLS ID: 316441 phone: 972-724-3222 x 227 - bcahoone@globalhomefinance.com - http://globalhomefinance.com

Possibly Andre- some HUD homes are eligible for a $100 only investment - if this is the case, it will state it on the HUD listing. Also, if the home is in a designated Rural Development area - you can finance a HUD home with a Rural Development loan that doesn't require a down payment. This would rule out anything in the City of Lansing, but much of the area just out of Lansing has this designation. There are also other programs in Lansing that have limited down payment money of which I specialize. If you are serious about buying a home in Lansing or the surrounding area with limited or no down payment you will want to call me. =Mike Silkworth, Sr Loan Officer, Union Home Mortgage 517-489-2328.

There is MSHDA which is a down payment assistance program through the state of Michigan that will help with down payment and closing costs if you qualify. You would be required to put at least 1% of the sales price into the transaction. Call for more details 800-372-2205; cgoldring@thefsb.com #140069 Carri Goldring - First State Bank

Yes. $100 down homes, gifted money from family member, church or work, grant money from your state, county, or city, USDA loans in rural areas have 100% financing

Yes, gift funds and down payment assistance funds are allowable.

Gift funds for FHA, or consider a USDA mortgage, if the property is in a more rural area.

I have lots of options although it depends upon property type and location. Please email me the information at Larry@LechelMortgage.com

You could have options.. First, if your a military veteran, you might have VA benefits available where you can do a zero down loan. If you purchase a home in a USDA defined area, those homes are also zero down. HUD is offering a sales incentive, $100 down payment on select HUD foreclosed homes, but they are not available in Michigan. Any other program will require a down payment, either from you or in the form of a gift or grant, but you will need a down payment.. the best advice I can give you would be to get with a local mortgage broker and get pre approved.. once that is complete, he can refer you to a realtor who is familiar with local down payment assistance programs.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

There are some cities or counties that offer down payment assistant.

Check with your local community bank or credit union. Mich. may have special 1st time homebuyer programs available.Also, you may be able to get a USDA loan. If you are in, or have been in the military, you may qualify for a VA loan.Hope this helps,Pete

Williams anser is correct!

Williams anser is correct!

In CA we have programs that are 1/2% down.

By definition, a HUD loan is really an FHA loan. FHA requires 3.5% down payment, unless the home you are buying is one of those HUD is selling under their special $100 down program. This program is only available in select areas and then only select homes. Certain areas have Grant money that can be obtained to pay some or all of the down payment, but you have to meet the qualifications to obtain one. Even if you do not qualify for a grant, FHA does allow for all of the required down payment to be gifted to you by a family member, which would give you the same effect as no money down. If you think you may qualify for a grant program, you will want to work with a local Mortgage Banker/Broker and not one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination and have access to these programs. We have access to loan products of MANY lenders, not just those of ONE bank, and can better guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

By definition, a HUD loan is really an FHA loan. FHA requires 3.5% down payment, unless the home you are buying is one of those HUD is selling under their special $100 down program. This program is only available in select areas and then only select homes. Certain areas have Grant money that can be obtained to pay some or all of the down payment, but you have to meet the qualifications to obtain one. Even if you do not qualify for a grant, FHA does allow for all of the required down payment to be gifted to you by a family member, which would give you the same effect as no money down. If you think you may qualify for a grant program, you will want to work with a local Mortgage Banker/Broker and not one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination and have access to these programs. We have access to loan products of MANY lenders, not just those of ONE bank, and can better guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Yes. Look into HUD homes, 100 bucks down. Ask a good Realtor.

Not enough information to answer you personally, but nationwide, there are really only two no down payment loans. A VA loan, and the USDA Rural housing loan. Otherwise, you'll need some sort of down payment assistance type program. Most of those are state, county, or even city specific. There may be a few to choose from in your area, or there may be none. For example, here in MN only, I have a 3% down conventional loan, that will also provide you with up to $5000 in down payment assistance. The $5000 is a loan, but it is an awesome program for many people. Check with a mortgage broker in your area for more info. www.StPaul-Mortgage.com

No, not a mortgage that's sponsored by HUD.

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