Go Back To Search Results Question Is there a home loan for a person with $60k in student loans and no down payment? I am a single parent who just finished college. I have $60k in student loans and no savings to speak of. I have an amazing offer to purchase a home for what the current owner owes on it, but I don't know where to even start looking for a bank/agency who will give me a loan with my background. Any advice? By seriously77@sbcglobal.net Posted on 08/27/09 Total Answers 3 Answers- You will need to get the 60,000 cleared up unless you make some amazing amount a year, plus with no savings, no down payment, theres no way you would be approved. you must have a 2 year steady work history , 20% down payment for conventional loan or 3.5% for FHA loan, plus you will need earnest money, money for inspection, and money for closing costs. Answer by : Fort Sill Army Wife On Date 2009-08-27 12:23:16 You don't want to buy a house with no down payment. I made that mistake two years ago, and barely avoided foreclosure. Just wait until you've paid down your student loans and you have at least 20 - 30% for your down payment. Besides given the current financial market, you'll be hard pressed to find a lender willing to give you a loan without a significant down payment. When buying a house make sure the mortgage payment, insurance, taxes, and HOA is no more than rent for a comparable place. that way in case you want to move you can "ladder" the property. meaning you can rent it out and move elsewhere. The rent will cover the monthly expenses and you'll benefit from any appreciation. Answer by : Gambit1 On Date 2009-08-27 12:28:41 The best thing you can do is rent an affordable place, and pay your rent on time every month for two years. Keep your charge accounts current, and start paying down your student loans. Even if another opportunity like this doesn't come up in two years, you will be in a much better position to obtain a mortgage, with a track record of being a good bill payer. Answer by : Mary P On Date 2009-08-27 12:45:20 I am Joy Anderson i was in need of a loan of $100 000 USD and was scammed by those fraudulent lenders and a friend introduce me to Mr John Clarke,and he lend me the loan without any stress,you can contact him at clarkeloanscompany12@yahoo.com Answer by : Joy On Date 2009-08-27 15:01:16   Go Back To Search Results