How can I find a house with low or no down payment?
2006-07-10 04:15:58 · 12 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
1) Get pre-approved for a loan. This will give you an idea of how much you can afford
2) Expect to pay about 1% of the house sell price when you make a bid. This shows your serious about wanting to buy the house. If you back out of the bid, the seller keeps the money. If they reject your offer, you keep the money.
3) You can typically make offers to minimize your part of the closing costs (i.e. seller pays up to $xx of non-recurring closing costs).
Going to be tough to get a good house w/o putting a lot down. First thing is your mortgage will be expensive (they'll make you pay PMI insurance) and the seller's real estate agent may discourage the seller from accepting you bid. People who put little to nothing down have a higher probability of not going through with the deal. Real Estate agents wants the deal to close quick and will avoid anything that might jeopardize that.
2006-07-10 04:28:54 · answer #1 · answered by Sleepy Dad 5 · 1⤊ 0⤋
Talk with a mortgage planner, the houses/property themselves aren't the ones that determine whether a loan is no/low down payment...
The first-step in buying a home IS ALWAYS finding out how much you can afford.
Get pre-approved for a loan, then go find the property you want. Feel free to give me a ring if you want to discuss your options.
2006-07-10 04:22:34 · answer #2 · answered by ReggieWjr1 4 · 0⤊ 0⤋
u would have to look around to a lot of diff banks for that but one thing u want to make sure of is pick a house with no pre payment / early payment fee. says your mortgage is 900 dollars a month but u want to pay more most places will charge you a penelty fee for that just make sure that does not apply when you buy your house.
2006-07-10 04:18:33 · answer #3 · answered by wedjb 6 · 0⤊ 0⤋
Get preapproved for a loan, and stay within those limits. You will almost certainly have to pay something at the time of closing, but not a down payment.
2006-07-10 04:17:48 · answer #4 · answered by Blunt Honesty 7 · 0⤊ 0⤋
you find the house. and depending on the lender on how much of loan you can qualify for, 90% 100%. And they have down payment assistance programs that can help if you dont qualify for a 100% loan.
2006-07-10 04:18:20 · answer #5 · answered by george 2 · 0⤊ 0⤋
Go talk to a mortgage company. Make sure to call them first and bring all of the documents they need.
2006-07-10 04:18:10 · answer #6 · answered by powhound 7 · 0⤊ 0⤋
Theres a video home ownership @: https://firstmeridiancapital.com/9StepstoOwnership
It lots more information that is helpful and an easy way to get approved for a loan.
2006-07-10 04:38:30 · answer #7 · answered by barraganf2001 2 · 0⤊ 0⤋
Take a 100% mortgage!
2006-07-10 04:17:09 · answer #8 · answered by Monday's Child 2 · 0⤊ 0⤋
if in texas email me im a loan officer.
but first tip do 100% finan. or sellers contribution. save for appraisels and inspections those are your cost.
2006-07-10 04:20:23 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Good Credit.
2006-07-10 04:17:18 · answer #10 · answered by !!!VOUGE!!! 1 · 0⤊ 0⤋