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Not 1st time homebuyers but still have no down payment.

by D. Weaver
(New Orleans, LA)

OK, so, my husband and I have owned 5 homes.
In 2007 my husband lost his job(facility closed).

He immediately found another job about an hour away so we had to move. It took us a solid year to sell our house and we took a loss on it. We lived in an apt, still paying the mortgage, for almost a year until we were able to find another home.

Needless to say we had a lot of catching up to do. It was a great home, on a lake with wildlife and all.

Then in 2010, he lost this job(downsizing). He was out of work for about 10 mos. After the market crashed, we lost about 60% of what we had in retirement and then we used the rest to live on and make house payments so we wouldn't lose our home.

He finally found another job in Mar 2011. We had to change cities...again. So, we're paying the mortgage on top of renting an apt...again! With the market the way it is, we took another loss on the sale of our home.

So now we live in an apt and have basically nothing and still playing catch up with our bills and all the expenses we've incurred over the last 1&1/2 years! Everything we own is in 3 storage units across 2 states! We are paying almost $700 in storage fees!!

We make decent money but we have been through so much over the last 3 years. We are just trying to play catch up.

Having owned homes before, can we qualify for any no down payment loan or down payment assistance programs?

We are renting now and I hate paying more in rent than I was for my home on the lake!!! We really need to buy and get out of this apt so we can get our possessions out of storage and reduce some of our expenses.

Is there any hope out there for us?

Thanks,

D. Weaver
New Orleans, LA

=====ANSWERS======

Hello Mrs. Weaver;

Wow! Your story almost moves me to tears. You have certainly endured some very hard times in recent years.

If it's any comfort, may I remind you that you are not alone. There are numerous folks in a similar boat as you are.

From what I read in your story, it sounds to me that you have worked very hard to try and keep your bills current. It appears to me you may have 2 mortgages that were possibly settled for less than the balanced owed.

If you had two short sales in the span of a few years your credit is probably not in the best of shape. Since you did not mention your credit score I have to assume that you have numerous dings on your credit report. You may want to look at my webpage on credit scores. On that page you can find a link to get a FREE Credit Score.

If you start with this, you will be in a better position to evaluate your position. Once you know what your credit score is, then you can determine if credit repair is needed.

Now to answer your question about a no down payment home loan. I'm not sure if your husband is a veteran but if he is, and if you have a credit score of at least 620, then yes you can get a no down payment home loan.

Your next best loan choice would be the FHA mortgage. The FHA mortgage works much like a VA loan. It also is flexible with the down payment.

Although the FHA home loan requires a 3.5% down payment, there are sources you can draw from to get help with it. In some cases, seller concessions can be used or perhaps grant money. Even though grants are for first time home buyers primarily, if you have not owned a home in the past 3 years (which I believe you have) you can qualify for grant money.

I just want to say how sorry I am that you have suffered such hardships. I also want to encourage you to keep moving forward and do not give up.

You and your husband sound like fighters and just will not quit. If you keep that attitude, you will get into a new home be you know it.

Thank you for writing to me here in my blog. Please like us in your Facebook or give us a shout out in Twitter to help others know about this site.

The entire goal here is to help people better understand the mortgage process.

Regards,

Jeff


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