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down payment cannot be borrowed. unless you borrow against an asset you own(borrow against the title of a previously paid off car).
you can get a gift from family though.
Ok im definitely going to look into the program assistance for more infornation, i do appreciate it..
Well another question I have is can I at least get pre-approved for a loan even without the down payment money just too see how much I can get and how much money I would need down?
@rhowar2199 wrote:Well another question I have is can I at least get pre-approved for a loan even without the down payment money just too see how much I can get and how much money I would need down?
yep. done all of the time.
pre-approval is 'subject to' saving the down payment funds
So im other words i dont need the down payment money up front to just get preapprove for a loan? I was told that I needed that money before I even apply for a loan
@rhowar2199 wrote:So im other words i dont need the down payment money up front to just get preapprove for a loan? I was told that I needed that money before I even apply for a loan
nope. you do not need it.
the pre-approval will carry conditions. Like the property appraises and no material changes in financial status from time of pre-approval to closing.
we can add any condition we want.
your condition would be to secure acceptable funds for down payment.
i actually encourage people to apply early, even if they aren't ready. So the loan officer can make sure they don't have any other hurdles.
Please explain to me what I need to do to get pre-approve.. Also the steps I needs to take once im approved
So it is possible to at least find out what I am approve for without my down payment money first?
@rhowar2199 wrote:So it is possible to at least find out what I am approve for without my down payment money first?
correct