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Buying a Home with Zero Down Payment in Irvine, CA
Years ago, the only person that could buy a home in Irvine with zero down payment using a new purchase money loan were Veterans of War (called a VA loan). In the past several years, there has been an explosion of new loan programs designed to fit most any buyers circumstances. Today, most anyone can buy a home with zero down payment if they have sufficient income and decent credit. There are three factors that determine if you have sufficient income to purchase a home with zero down payment, and they are: Purchase price of the home, Interest rates, and debt to income ratio that the mortgage program requires. These three factors are interrelated as described below. The debt to income ratio is the monthly mortgage payment of the zero down loan, divided by your monthly gross income (not your net take home income). This ratio can vary from 35% to 50% dependent upon the loan program, and your credit score. The monthly mortgage payment is determined by the purchase price, current interest rates, and the type of mortgage program, such as 15 versus 30 years, fixed versus adjustable interest rate, etc. There is another ratio that mortgage lenders look at which is the total debt to income ratio which is too complicated to discuss here. This ratio also analysis other debts that you may have such as car payments, credit card payments, etc. You're your credit rating is reported by three different reporting agencies called Experian (formerly TRW), EquiFAx, and TransUnion. Your rating is boiled down to a single number, called your FICO score. An excellent FICO score would be about 800 and higher, and good score is about 700 to 800, an average rating is about 600 to 700, and a poor FICO score is below 600. Some mortgage lenders even have some zero down loan programs for borrowers with poor credit ratings at somewhat higher interest payments and lower debt to income ratios. We are sometimes asked if you can buy a home with no money at all. The answer is no under most circumstances. Even thought the down payment is zero, there are sill some closing costs. Closing costs are typically comprised of loan origination fees, loan processing fees, possibly loan points, Appraisal fee, ALTA title policy, and escrow fee. But there are other options. We can sometimes negotiate with the seller of the home to pay for a large part of your closing costs. Our best result to date, is we helped a buyer purchase a Condo in Irvine and their total out of pocket cash expense was $795! The buyer was a single woman, who was a first time buyer, using a zero down loan that we found for her, and her credit was average. We were able to convince the seller into paying for all of her closing costs except for $795. That home owner now has over $50,000 equity in her home which she can keep tax free if she were to sell that home today! If you would like to learn more about buying a home in Irvine with Zero down or low down payment, contact Vincent Bindi at 949-388-3396. Mr. Bindi is a Real Estate Broker with Keller-Williams Realty and has been selling real estate since 1989. Mr. Bindi has sold over 800 homes in his career and specializes in working with home buyers throughout South Orange County, including the cities of Aliso Viejo, Laguna Niguel, Irvine, Mission Viejo, Dana Point, San Clemente and surrounding communities. He holds California Broker License, and has previously held a General Contractors license and manufactured Home dealers license, and has a Bachelors of Science degree from University of Missouri and a Masters of Science degree from Purdue. Mr. Bindi is available for questions or consultation regarding home sales in south Orange County. Or visit his website to search the Orange County MLS.
MORE RESOURCES: Real estate investors are purchasing more U.S. homes as high prices lock out would-be buyers CBS News Delistings Surge Nearly 50% as Sellers Who Can't Get Their Price Quit the Market in Frustration Realtor.com Exclusive | NBA star Tony Parker asks $16.5M for over-the-top Texas mansion — featuring a water park with 8 pools New York Post Ultra-rich Americans now pouring cash into luxury real estate for ‘safer, less volatile’ investment than stock Yahoo Finance BlackRock to buy real estate firm with $7.3 billion in assets Crain's Cleveland Business Real Estate Transactions, July 7 edition Hopkinton Independent Milestones: Massive data share to benefit 300k MLS members Real Estate News by RealEstateNews.com OBBBA Is Now Law — What the Real Estate Industry Needs to Know CLA (CliftonLarsonAllen) ‘Playmakers’: How AI can make agents ‘a lot more profitable’ Real Estate News by RealEstateNews.com GTCR backs Clear Capital in strategic move to scale real estate tech Private Equity Insights Questex expands coverage of operational real estate sector with acquisition Hospitality Investor Nauset Construction Completes New England’s First Senior Cohousing Development Boston Real Estate Times National real estate investor expands to Charleston market Charleston Business 🤔 A real estate Ponzi scheme? Outlier Media Russian Demand for U.S. Real Estate Surges 78.5% The Moscow Times Real estate transfers: 7/9 Toledo Blade Real estate transfers in Adams County from June 30-July 4, 2025 Muddy River News Paul Simon's Daughter Blasts Richard Gere for Selling Her Childhood Home to Real Estate Developer Rolling Stone Northwest Healthcare Properties Real Estate Investment Trust Announces Timing for Second Quarter 2025 Results Yahoo Finance Brockton home sells for $610K; Bridgewater home that sold for $533K has outdoor shower Enterprise News Crypto real estate company RealT collected millions from investors for Detroit properties it doesn’t own WXYZ Channel 7 Top residential real estate sales for June 23-27 in Longboat, Lido, St. Armands, Bird Key Your Observer Top transfers: Delaware County commercial property hits over $5 million The Columbus Dispatch Midwest market leader elevates brokerage head as CEO steps down Real Estate News by RealEstateNews.com AirGarage Raises $23m to Modernize Parking Real Estate Parking Network Interest Rates Predictions for 2 Years by Goldman Sachs: 2025-2026 Norada Real Estate Investments Former KVH Middletown HQ sold for $5.25 million to become housing, to top latest sales Newport Daily News Real estate boss targeted in San Francisco with smear campaign The San Francisco Standard Hamptons Real Estate Market Data – Week of 7/1/2025 Hamptons.com Local real estate investment firm Offerd makes hire to lead new team The Business Journals Ellis Gardner: Land Scams, Deed Fraud & Real Estate Chattanoogan.com Breaking News Real Estate Transactions | June 23-27, 2025 Republic-Times Check out this $10M Gulf Breeze estate dubbed the ‘The crown jewel of the Emerald Coast’ Pensacola News Journal Brown County Real Estate Sales Up in June Brownwood News JM Electrical Promotes Craig Chisholm to Chief Financial Officer Boston Real Estate Times Monaco F1 Grand Prix Sparks Local Property Frenzy The World Property Journal Rising Temperatures, Rising Risks: How Climate Change is Redefining Insurance and Real Estate AInvest Is the surge in delistings good news for buyers? Real Estate News by RealEstateNews.com The scenario that could reignite Israel’s real estate market The Jerusalem Post 'Married To Real Estate' Canceled After Four Seasons On HGTV, Say Hosts Egypt Sherrod & Mike Jackson Deadline Hunneman Secures Financing for Historic Multifamily Redevelopment in Downtown Lowell Boston Real Estate Times Boston Office Market Sees Momentum with Leasing Gains and Pre-Leasing Surge, JLL Report Shows Boston Real Estate Times Ellis Block Apartment Community Opens in New Britain at Near Full Occupancy Boston Real Estate Times Residential Real Estate Markets Show Resilience in 2025 The Ritz Herald Greek Real Estate Partners: Demand surge makes small-bay industrial core asset class Institutional Real Estate, Inc. Tampa real estate investment firm under investigation for potential deceptive practices Florida Politics Serhant poaches 35 agents from rival firms as it makes Greater Washington launch official The Business Journals From Column to Community: Why I’m Taking The Mic (and What to Expect) Community Advocate Healthcare real estate adviser hires managing director from AIF Capital Green Street News Blackbook Properties: Reimagining Luxury as a Leading Boutique Real Estate Brokerage in the USA Totalprestige Magazine $900,000 Homes in New York, Illinois and Oregon The New York Times Middle East Real Estate Market Size, Share, and Trends, 2033 Market Data Forecast Occupational hazard: Mistaken for a Mamdani fan The Real Deal R-LABS Announces $3.5M Investment to Expand its Solutions to Address Canada’s Real Estate and Housing Challenges Business Wire "Atland will be a key player in the consolidation of the real estate asset management sector". 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