Can I get a loan zero down?

6 Replies

I have a friend who is extremely hard working but has had a hard past (not criminal). Credit score is about 600-620. She is hoping to buy a small condo/townhome 3/2 around $120k. Plans to rent 2 rooms out to her friends and live in the third. Currently she pays $1000/month in rent. She doesn't have much savings. Is there any type of loan that she could get with zero down? I believe FHA requires 3% but wanted to see if there was any other options.

Hey @Allen Lopez , I think it'll be hard to get a conventional loan without savings and income to qualify for the loan. Even hard money lenders will want to see some skin in the game and will not lend to owner-occupied properties. The best-case solution would be to partner with another investor who can get the loan or to work with the seller to get seller financing.

Best of luck!

There are some grant programs available that offer significant money towards closing costs and down payment.  One that I am utilizing lately is the WISH program.  Its a 4 to 1 match on whatever the borrower can bring to closing.  Gift funds are available as well for their portion of the down payment.  Completely forgivable after 5 years, and no added payment to the mortgage.