down payment - Articles

Buying a Home With No Down Payment

ZillowBefore you'll get the keys, you'll need a good credit score. By Scott Sheldon Are you considering buying a home this year? Most would have you believe that you need at least a 3.5 percent down payment to get a mortgage. But there are actually a few ways you can get a home with 100 percent financing. Here's what... Continue Reading »

Saving for a Home: How Much Is Enough?

Shutterstock By Chris Birk It's easy to get caught up in credit scores when considering a home purchase. But as lenders continue to loosen requirements, the need to have money in the bank doesn't get any less acute. Getting prescriptive about how much you need in savings to satisfy a mortgage lender is tough business.... Continue Reading »

5 Myths About Homebuying That Can Really Cost You

Shutterstock By AJ Smith If you're considering buying or selling a home, you may have asked co-workers, friends and family for advice. But you might want to check with the professionals, because the rules of the real estate game are different today than they were 20 or even 10 years ago. Due to this monumental shift,... Continue Reading »

Mortgage Lenders Reportedly Accepting Lower Down Payments

Shutterstock By Christine DiGangi The average down payment for 30-year fixed rate mortgages dropped to 15.73 percent of the home's value in the third quarter this year, down 2.74 percent from the second quarter, according to a report from LendingTree. A news release about report, which detailed the average down payment... Continue Reading »

Right Way to Use an IRA for a Down Payment on a Home

Shutterstock By Abby Hayes If you're ready to buy your first home but don't quite have a down payment saved up, you may be able to tap into your traditional IRA for down payment funds. Right now is a great time to buy a house, which means it may just be worth it to pull some of your retirement money in to buy a home... Continue Reading »

Trade a Share of a Down Payment for a Stake in Your Home?

REX HomeBuyer/YouTube Would you accept help getting a down payment on a home now for a stake in the potential profit on the sale of that home later? That's the deal being offered by a program called REX HomeBuyer which offers to match up to half a homebuyer's down payment on a home for a chunk of the property's... Continue Reading »

Alternative Ways to Come Up With the Down Payment on a Home

Shutterstock To successfully purchase a home today, you will need a down payment of at least 3.5 percent of the purchase price. Gone are the days of no down payment alternatives, down payment assistance and seller-offered programs to come up with the money needed to buy a home. Instead, let's look at the five ways you... Continue Reading »

How to Save $20,000 for a Down Payment in Just 2 Years

Getty Images, Tetra images Making the move from renter to homeowner is challenging for nearly everyone, and the highest hurdle for most first-time buyers is saving enough money for a down payment. If your No. 1 priority in the next few years is to become a homeowner, financial experts say you'll likely need to make some... Continue Reading »

Cash Gift for a Down Payment: Buying a House With Your Christmas Money

By Justin McHood It's not uncommon for first-time home buyers to ask: "Can my mom and dad give me money to help me buy this house?" The good news is, yes, you can receive a gift from your parents to buy a house, but the way that you actually receive the gift is very important. Mom and dad can't just leave money under your... Continue Reading »

Tips to Get a Mortgage With Little or No Money Down

By Kirk Haverkamp With home prices and mortgage rates as low as they are, a lot of people are eyeing the opportunity to become first-time homebuyers. Unfortunately, many of them are discouraged by a perceived need to come up with a hefty down payment. It's true that the free-money days of the housing boom, when virtually... Continue Reading »

Roberta Campbell Loses $4.7 Million Down Payment in Legal Tussle Over NYC Luxury Apartment

Talk about a bad case of buyer's remorse. The ex-wife of Intuit CEO William Campbell lost her $4.7 million down payment on a swanky pad in Manhattan's Upper East Side after she backed out of her contract to buy the $18.5 million home because a few amenities were missing. Roberta Campbell had complained to a judge that... Continue Reading »

How Much Down Payment Do Homebuyers Need?

As the obstacles to owning a home become more pronounced in the wake of the housing bust, how much money should homebuyers set aside for a down payment? Unsurprisingly, cash is still king in today's market, especially as mortgage lenders raise the bar for credit worthiness. That said, down payment options range from zero... Continue Reading »

Low Mortgage Rates Are Great -- But Most Can't Qualify

WASHINGTON -- Mortgage rates have reached their lowest levels in six decades, making this the best time in most Americans' lives to buy or refinance a home. For people who qualify, today's rates could save thousands of dollars a year. Yet most people can't take advantage. Half of would-be buyers say they'll never save... Continue Reading »

Require 20% Down on a House? Hong Kong Tried That

As U.S. regulators fool with the idea that homebuyers should put 20 percent down on home purchases, they need only look across the sea to see what happen when a similar plan was put in place in Hong Kong recently: Sales at 10 of the island-nation's largest home developments fell almost 60 percent the week after the... Continue Reading »

When Mark and his wife married in 2007, their one-bedroom Brooklyn apartment was just what the newlyweds needed. But when home prices took a dip in their hip Brooklyn enclave, they knew it was time to make a move. "It was great at the time," Mark says, "but we knew that it was small and we definitely wanted more... Continue Reading »

How to Buy a Home in Cash With No Mortgage

A record 33 percent of all home buyers in the U.S. pay in cash, according to the National Association of Realtors. How do these people come up with the loot to buy a home – often in the hundreds of thousands of dollars – without a bank loan? Well, some of them are investors and wealthy individuals with big... Continue Reading »

New Down Payment Rules May Be Discriminatory

Ready to cough up a higher down payment to buy a home? Mortgage financing availability was cited as the single-greatest factor prohibiting people of color from fulfilling dreams of homeownership, according to a March survey of multicultural real estate professionals -- some of whom say policy makers need to do more for... Continue Reading »

20 Percent Down Payments on the Way...If We're Lucky

Federal banking regulators are pushing for 20 percent down payments, according the Wall Street Journal. You see, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 -- the name which draws guffaws of cynical amazement among those who know what Chris "Friend of Angelo" Dodd, pictured left, and Barney "My... Continue Reading »

30 Percent Down Payment: The New Normal?

I've always been fond of news stories that are neither new nor particularly unknown, like when some local TV station runs a human-interest story on some local teen who organized a charity drive three months ago. They're cute! And they're no less cute when the Wall Street Journal runs such stories, as it did recently,... Continue Reading »

New Year's Resolutions for Homebuyers

Like many homebuyers, you sat on the sidelines for the past few years -- watching the real estate market go from boom to bust -- and now you're just about ready to jump in. What renter wouldn't be at least toying with the idea of homeownership, with interest rates well below 5 percent and home prices having dropped more... Continue Reading »

Down Payment: You Need One, Start Saving

When 30-year-old Kimberly Palmer, and her husband, Sujay Dave, purchased a townhouse this year in a suburb of Washington, D.C., they may have seemed like typical first-time homebuyers. Young, educated and hard-working, the couple also had a newborn daughter, Kareena. But they were different from most first-time homebuyers... Continue Reading »

Credit Score: Why It's Constantly Changing

Successfully obtaining a mortgage requires meeting certain numbers. There's the amount of the down payment that you must have in your bank account. The amount of annual earnings you must show to prove you can manage the mortgage. And then there is your credit score. Right now, that credit score needs to be in the mid... Continue Reading »

Home Price vs. Loan Rate: Best-Deal Secrets

Trying to determine the best time to jump into the housing market is always a bit of a gamble. But in this market, with the news see-sawing between stalled housing prices and falling interest rates, it's even harder to gauge whether today is the right day to buy a house. "There are all kinds of ways to look at it," says... Continue Reading »

Real Estate Terms and What They Mean

Jaime Uziel knows that as a real estate attorney his clients depend on him to interpret the legalese that's part of any real estate transaction. He's happy to do that, he says, but he also tries to educate his clients about real estate terms and what they mean. "They are the ones signing these documents, and they should... Continue Reading »

How to Get a Home Loan With Bad Credit

To easily snag a home loan, an applicant needs to be a "triple threat" -- have an excellent credit rating, a large down payment, and low debt-to-income ratio with steady significant income. But even if you have bad credit, you don't have to rule out future home ownership. Homebuyers with bad credit due to a foreclosure or... Continue Reading »

First-Time Homebuyer's Guide

Mike Valdez fits the profile of a savvy first-time homebuyer perfectly. A 34-year-old financial analyst from New Rochelle, N.Y., he and his family had grown sick of living the renter's life. So two years ago he decided to test the market and find a townhouse for his growing family. But despite his financial aptitude, he... Continue Reading »

Homeownership Dream in Decline, Says Survey

Despite still-low interest rates and home prices as a result of a market glut, there are many Americans who believe they will never be homeowners. A survey of visitors to the National Foundation for Credit Counseling's website reveals just how difficult people believe owning a home has become. Of the more than 2,000... Continue Reading »

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