Does the money down program,really work,and what is needed to start the program?

Question

I was interested in the money down approach,to buying real estate
but I don`t know what the proceedure,is or how to get started.I am
a first time buyer,and with so much info out there,I am confused.
Help.

Answer 1

if u having lot of money then u start.

Answer 2

You need to create a team of competent professionals to guide you through the process. People that have proven trustworthiness, ask for references from friends and family, call your local chamber of commerce, or other organizations.

You should get pre-approved for the financing you need with a mortgage planner.

Start viewing open houses in the area so you know the general market values of similar properties to that which you become interested in. Being educated on the local market will give you bargaining power when it comes to pricing.

When you find a place you are interested you will make an offer to buy, and sign a purchase and sales agreement, which will define the parameters of your offer. Such as length of time to obtain financing, what items will be going or staying with the property (the jacuzzi out back for instance) and other information.

Also, there is a difference between 'earnest money' and 'down payment'. Earnest money is what you pay upfront to the seller to show that you are interested in seriously buying the property. These monies are only refundable to you based upon certain set agreements, such as if the seller decides all of sudden not to sell or other reasons as defined in your purchase and sales agreement. The down payment is the money you need to bring to the closing table, but also includes earnest money.

Answer 3

What do you mean by the "money down approach?" Are you talking about a down payment? When you close on the house, you come to the closing with a check for the amount of the downpayment you've agreed to and the mortgage you take out covers the rest of the purchase price.

Answer 4

I know of a company whose program requires a very low down payment and relatively low credit score is accepted. E-mail me for more details.

Answer 5

There are many down payment assist programs available. These are in the forms of grants which you do not have to repay.
http://www.lendermark.com/sources_for_down_payment_funds.htm