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I just received my Clear to Close on my first house today. USDA loan for 200,000 @ 3.5%, NO down payment and No closing cost. I would never thought I would put myself in this position from a having a credit score of 570 in FEB 2013 to closing on my first home at the age of 25 on June 2013. This is unbelievable
Your hard work paid off. Enjoy your new home!
Congrats and good job!
Congratulations on closing on your first mortgage.
However, are we back to a time when people should be buying homes with ZERO down payment? This is what caused a lot of the problems a few years back.
What is wrong with saving for a few years and coming to the table with some sort of down payment? Just my 2 cents.
Congratulations!!
Enjoy your new home.
@JasonL wrote:
However, are we back to a time when people should be buying homes with ZERO down payment? This is what caused a lot of the problems a few years back.
Actually, adjustable rate mortgages that reset to payments people could no longer afford was the major issue.
congrats!!! if you dont mind me asking Im around your age and I am in the process of getting my first home. How did you get your score so high in just a few months and what is the price of the home that you closed on?
Congrats! I didn't know USDA would finance that much!?
I agree about the adjustable rates. What also contributed was a lot of job losses. Who can afford a house payment when you suddenly have no income. On top of it some of the shenanigans that lenders were pulling like getting kick backs on ARMS that put buyers in a bad predicament. Just because someone doesn't put money down on a home doesn't mean they won't pay for it or are undeserving of owning it.