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@Anonymous wrote:I am a mortgage banker and heavily involved in the Real Estate market in Los Angeles. Your question is not easy to answer. Yes, there are zero down programs that you can qualify for, albeit much fewer then in the past.The biggest question is whether you are making the best decision. I would not advise any of my clients to buy a house with no money down in this market if they are looking to get out of it in 5 years. There is too big of a chance that the property won't appreciate enough so that you can get out without taking a loss. Keep in mind that in most cases it takes the seller 5-6% of the sales price to sell the house when you count for commissions and escrow and title fees.I dont know what area you live in but there are not many hot markets throughout the country, which is essential when buying something without a down payment.You might want to consider renting for a while and investing the additional money that you would be saving each month. You wont have the pride of ownership, but that might be a good thing for right now.This is just my opinion and sorry it is so long, feel free to contact me with any more questions.
@Anonymous wrote:Your philosophy makes sense but, here are the problems I see. First, you are betting on 7% appreciation over 5 years in a market that is currently declining. Yes it is a buyers market but nobody knows when that is going to change.Second, I do not agree with you that the fed is going to decrease interest rates in the near future. That was the talk a couple months ago but the economy has been stable and there have even been talks about a rate increase. While there has been no official announcement prior to this week rates have been rising steadily for the last 45 days.