would you like to know more about how you can buy a house with zero down payment so that you can start saving money like a pro and still buy the house of your dreams hi i'm caitlin engers i'm a realtor in the greater san diego area i am here to help you learn all about real estate and keep a little bit of extra money in your pocket along the way because today's video is all about how to get around the down payment and pay no money down on your home loan joining us today is a member of my team fred witt with movement mortgage now he is the go-to guy for my home buyers he is awesome with mortgages so we're gonna get right into an interview with him make sure to stay till the end because fred will be discussing down payment assistance programs which is a hot topic especially for first-time homebuyers because in some cases it's like a loan that you don't have to pay back so stay till the end of the video to make sure you understand how down payment assistance programs work and if you can get your hands on some free money and if you haven't done so yet go ahead and subscribe to the channel just click on the subscribe button and don't forget the bell right next door tap and ring that bell so that you'll be the first to know when new content comes out every sunday so let's get right into the interview with fred witt so you can find out how to pay no money down on your home loan [Music] hey fred here we go again thank you so much for being part of the team to help first-time homebuyers and veteran home buyers come back to the table and learn how to get a loan for zero money down now the process of getting a zero money down loan can be a little bit of a windy road because there's multiple ways that you can qualify for that so can we start off today just explaining very easy blanket statement what is a no money down loan sure caitlyn what you have is a couple different programs that different ways to get to zero down payment yeah there's a couple government loans the usda and va in particular that offer a hundred percent financing so it's all just wrapped into one loan so you get that great rate and everything is just one loan that is that is the the main way the other way though is through down payment assistance programs what down payment assistance programs do is you get your regular first loan it could be usda va fha doesn't matter and then you can get a second loan for the down payment assistance or the money can actually be used for closing costs if so if you're getting a hundred percent financing you can use the second loan for closing costs so that that's two different ways to get to a hundred percent financing and by the way on any of these programs you do not need to be a first-time buyer that's awesome and as far as those 200 percent let me say that's really two 100 financing that's the usda and the va and we do fred and i have two videos not just one we have two and they're in the description below if you want to find out more about usda home loans or va take a quick peek at those videos you'll have your answers to your questions within just a few minutes um so let's go into the down payment assistance programs how do you qualify for those well you would qualify for them the same way as a regular program except there's a little bit more twists and turns there's a couple different programs some of them are income based so there's different qualifications so really you need to speak to a loan officer give them all your details and then the loan officer will see which program fits your characteristics so there's not one particular down payment assistance they're all over the country uh the ones that i use mostly are through the state of california because i'm licensed in california and we were talking earlier it can be you said city county state yes yes they are they all have them but they do come and go away as funds do uh but the state ones mostly stay a little bit more stable and the credit score two what's the credit score they need yeah the minimum credit score is a little bit higher on down payment assistance currently it's at 660.

i've seen it anywhere from 640 to 680 just depending on timing and funds available but 660 right now is the minimum credit score that you need okay and that's the way that um and i just want to really make sure that this is clear they ca they're getting like a second loan but it's a loan that they may not have to pay back is that correct correct correct one of my programs the second uh first of all the second loans you never have to make payments on they whether you have to pay it back or not depends on which program you qualify for some of them though are forgiven after three years totally forgiven some you have to pay back but none of them do you have to make payments on and the interest rate is anywhere from zero to three percent on that second and like you said earlier it's the qualifications are always changing so from the time we film this now while you're watching it things could be totally different so like fred said the best way to find out if you qualify is to reach out to a loan officer and here's exactly i want to show you right here how you can go on fred's website it is so user friendly you can get pre-approved it takes what fred 30 minutes to fill out yeah it takes about 30 minutes to fill out the application plus i need the documentation and then i'll turn around within 24 hours and get back to you with the pre-approval and that's a great fast very reasonable timeline for when you're trying to get your home loan all in order so now that you know a little bit more about the zero money down how do you know if you're making the three biggest mistakes that first time home buyers make if you're a first time home buyer so take a look at that video you may be surprised that the three biggest mistakes first-time homebuyers make are so easily avoided so we'll see you on that video or we also have one as well about closing costs explain everything you need to know about closing costs so we'll see you on one of those videos and thanks for coming today good seeing you again

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