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No money down purchase is still possible

Tue Jun 3, 2008 01:06PM | By Tony

See more in Mortgage | Permalink | Email | Comments (0)

Q: Is that still possible to buy a house with no money down? I would like to take advantage of current prices, but don't want to come with down payment. My credit scores are 691, 713 and 745. I make over $100,000 and have little debt outside a car loan and few credit cards that I pay off every month.

A: No money down is still in the books, but banks obviously don't like it right now, and try to come up with all kinds of excuses, delays, etc. What you should do is to get 95% mortgage and have seller give you 6% concession. At today's home market, you will likely find many sellers agreeing to it.

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