How do you buy a home without a down payment?

Answer 1

There are a few different ways.
1. 100% financing
2. Taking advantage of an FHA loophole that allows the seller to pay for the down payment on the FHA minimum down payment (2.25%) by having the seller "give" it to a third party non-profit (with a service fee) and the non-profit gives it to you to give to the seller. Contingent upon the house appraising for the higher amount necessary to complete the sale with the seller not taking a loss.
3. Having the seller pay the down payment on a conventional loan. Again contingent upon the appraisal covering the contract price which may be jacked up to cover the seller concession.
4. Often there are government grant money available for lower income buyers.

Answer 2

I just received a grant for $5000 for closing costs and a down payment through a local organization just for taking a home buyer education course on a Sat. Call around to banks and organizations in your area to see if they offer any information like this.

Answer 3

Really the only way have to have a Down payment is if your credit is really really bad of if it is a trailer, Mobil home what ever you want to call it. Even if it has a foundation it is still considered a mobile home if that is what it started out to be...
Buy a House not a trailer it will be cheaper on you.

Answer 4

you get an 80 20 loan. basically it's a 100% financing. you should at least put 20% as a down payment. if you can't, depending on what area your looking to buy a home, sometimes it best to get 100% financing.

Answer 5

Thank you for your question. If you want to get pre-qualified you can email me your credit score, income, property price range and loan amount and I will be able to assist you with it.

Sincerely,

Vladimir Rozumniy
Sr. Vice President/Managing Director
American Mortgage and Real Estate Group
8159 Santa Monica Blvd Ste., 201
West Hollywood, CA 90046
Direct [phone]
Fax [phone]
Email: [e-mail]
Website: http://www.amregroup.com

Answer 6

you'll have two loans and your payments will be higher but you dont nee a dwn pymnt to buy a home you just need to find a broker who will find you a bank that will finance you at a 100%. but like i said you will need to have 2 loans a first and a second and depending at what your house will be appraised at and what you loan amount is you might get a really good deal. i would suggest finding a broker instead of walking into a bank because they get wholesale prices as to a bank they get retail.

Answer 7

Depends on your country obviously. But you will need bloody good credit and you will have to pay a higher interest rate on the mortgage.

I know that the UK and Canada have many first time buyer options where you can do this. The UK will throw them at you at a rate of knots!

Answer 8

I know a couple that did this.

House they wanted to purchase was assessed at 200,000 but current owners were anxious to sell and agreed to take 190,000. Difference between 200,000 and 190,000 is 10,000 or 5% Selling price for banking purposes was 200,000. Mortgage was given at 95% or 190,000 and couple was responsible for paying downpayment of 10,000 which they had already agreed was waved by buyers.
Does that make sense? hope so....

Answer 9

ask for 100% financing and your credit does not have to be perfect. Make sure you get with a company/bank, etc that wants to put you in a home not one that is looking for a buck.

Answer 10

Depends on credit score, lender and appraisal.

I've bought houses under the appraised value and requested the loan of the appraised value for "repairs"..