I am wondering if anyone on yahoo answers has done this and if so how do you do it?
2006-08-03 21:54:13 · 10 answers · asked by mookie123 1 in Business & Finance ➔ Renting & Real Estate
Get an 80/20 loan and have the seller pay 3% closing cost and you should not have to bring any or very little to the closing. Happens everyday all over.
2006-08-04 16:49:16 · answer #1 · answered by unclejesse1 3 · 0⤊ 0⤋
get a 100% mortgage (in the uk) which means the bank/lender will lend you all the money you need to buy a house.
Some lenders will give you a 100% some wont, you need to see a broker to advise you on this. Like Van john said there are hidden dangers (costs). Also you need to have a squeaky clean record on your name to get a 100%, this is because they are taking the risk of borrowing you all that money hence the interest rate is high.
2006-08-03 22:35:10 · answer #2 · answered by dino 3 · 0⤊ 0⤋
Credit score and income permitting you can get 100% financing. Also, you want to have a R.E. Agent represent you so that they may negotiate that the seller pay your closing costs. Some Lenders allow up to a 6% seller contribution. Seller pays the R.E. Agents commission so, it's really in your best interest to find a good one.
2006-08-04 01:38:08 · answer #3 · answered by staceydian 2 · 0⤊ 0⤋
ok
your mortgage co. will get this done for you. sometimes telling you to leave your check book at home. here is how.
1) you will get a first mortgage that will cover 80%
2) you will get a second mortgage or home equity line of credit for the other 20% but you will have a higher apr with this
3) get the seller to pitch in for some of the closing cost and they will roll the rest in you loan. "closing costs suck!" they get you for everything.
Good luck
2006-08-04 17:52:27 · answer #4 · answered by sarah a 2 · 0⤊ 0⤋
It is more complex with hidden dangers than some given sufficient regard. There are funding options out there that make these offers, but you must fully understand all the terms before deciding whether it's workable for you in the long term.
2006-08-03 22:02:18 · answer #5 · answered by nothing 6 · 0⤊ 0⤋
I have purchased two houses with no money down. Every morgage company has these. We have excellent credit and that helps. It is not a Gimmick--I will soon buy my 3rd that way.
Ask your morgage agent about no money down loans. They even have 120% loans so you can fix it up or buy furniture--would not suggest though!
2006-08-04 04:45:09 · answer #6 · answered by boohoo 4 · 0⤊ 0⤋
My company helps people with this problem and the problem of having credit challenges every day. We are able to help in all 50 states. We work on a case-by-case basis so there is no set in stone answer to give you. I can be reached for more information at this email adm_malee@yahoo.com, you can reach me at 505.866.0974 or send your phone # and phone charges will be on me.
There are solutions to your situation.
Malee
2006-08-04 04:05:16 · answer #7 · answered by Malee R 1 · 0⤊ 0⤋
You either get 100% financing or you take over someone's mortgage/loan in such a manner not to invoke the lender's "Due on Sale" clause.
Regards
2006-08-04 20:30:31 · answer #8 · answered by Anonymous · 0⤊ 0⤋
http://www.nehemiahcorp.org/
Just sold a house to a Nehemiah buyer. I think they put about $500.00 in cash into the whole deal.
2006-08-04 01:21:54 · answer #9 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If you are referring to the commercial on TV, its a gimmick
2006-08-03 21:59:34 · answer #10 · answered by Anonymous · 0⤊ 0⤋