I have averaged $27K a year for the past 2 years, credit score 675+. Can I buy a house for 85K? No $$ down.

USDA and VA are the only national programs that reuire no money down.

USDA and VA don't have any down payment requirements. FHA requires 3.5% down and Conventional would be 5% down. Your qualifications would also depend on how much other debt you have to calculate out your total debt to income ratio.

If the credit cards are the only debt that you have you should not have any problem qualifying with your DTI. However VA and USDA are the only programs which offers 100% financing. FHA is 3.5% down. The down payment can be gifted from a family member. There are also DOWN PAYMENT ASSISTANCE PROGRAMS available. Check with a local Loan Adviser.

There are only two true no money down loans. A VA loan for military personal, and the USDA rural development loan. Otherwise your only option is some sort of down payment assistance program. This means you will need some money to make it work in combination with an assistance program. Contact a local mortgage broker in your area for more information, and in the mean time - start saving money for down payment.

without seeing the complete loan profile, it's impossible for anyone here to say for sure.. Lenders look at your debt to income ratio, so without knowing your complete monthly debt picture, it's impossible to say.. Also, the only zero down programs are VA and USDA.. both have restrictions.. For VA you must have VA eligibility.. for USDA, you have to be looking to purchase in the USDA defined Rural area to qualify.. The best advice I can give you is to contacting a LOCAL mortgage broker and apply with them. By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com