2006-08-15 03:31:55 · 15 answers · asked by steve s 1 in Business & Finance ➔ Renting & Real Estate
Start with a red paperclip
2006-08-15 03:35:22 · answer #1 · answered by Chief BaggageSmasher 7 · 1⤊ 0⤋
It's possible, but first... you have to find a good Mortgage Consultant. I know that I do mortgages, but really you have to find someone that will find a workable solution.
But there are programs out there that'll give you a loan, perhaps a 1st Mortgage Interest Only, then a 2nd on the home also Interest Only for a few years, till situations get better, or the property goes up in value or your income increases.
Make sure you know what program your getting into, because numbers don't lie & don't do Enron accounting, if you borrow any amount of money, you'll have to pay it back and with Interest.
Antal
AToth@Surefastmortgage.com
2006-08-15 10:46:58 · answer #2 · answered by Antal T 2 · 0⤊ 0⤋
1. buy in a depressed area. You can buy with nothing down and get a government loan
2. Go with the 80/20 loan (first is 80% and second mortgage is for 20%).
3. Get a 100% loan. Lots of people do this.
If you really want a house, you can get a house. If you don't really want it, you can make any excuse you want.
2006-08-15 10:49:20 · answer #3 · answered by Mr. PhD 6 · 0⤊ 0⤋
There are 100% loans out there, and you also have 80/20 options. The second is what we went with when we bought our house.
My biggest advice, in hindsight, is, before doing this, be SURE you want to stay in this house for a long long time, because you will have almost NO equity in it if you try to sell it soon. This is the problem we are in now. We need to sell our house, but because we have little equity, we are having to ask more than we want to, just to cover the mortgage and the real estate agent fees.
2006-08-15 10:44:14 · answer #4 · answered by Hokie 1 · 0⤊ 0⤋
Find a private seller who will take back the mortgage and is willing to possibly forgo down payment for your doing fix up work instead of him doing it. In other words you want a bit of a fixer upper.
Find someone who is offering a rent to own deal...you rent for 2 years or so and the rent you pay is applied as the down payment to the house.
Might be others out there with better info but these are two I know of that actually do make it possible to have no down payment.
Good luck
2006-08-15 10:43:39 · answer #5 · answered by dustiiart 5 · 0⤊ 0⤋
lol @ the red paper clip
It's hard but you can get a house with no money down IF you have good to great credit and have a decent paying job. Just to let you know - it's gonna kill you on the mortgage to not put any money down.
2006-08-15 10:37:16 · answer #6 · answered by Anonymous · 0⤊ 0⤋
i did it, but it was a my real estate agents suggestion, i was prepared to put down about $3000-$4000, but it was even better since i didn't have to!!!!! See if you qualify for for a first time homeowner's loan, check out which properties are going up for auction in your local community, or you can also just ask the seller (that is how we did it in my case!)
2006-08-15 10:46:04 · answer #7 · answered by dlgrl=me 5 · 0⤊ 0⤋
Im not for sure, but i think there are programs for first time buyers that let you put little or no money down. Of course it all depends on your credit, but you can check into them.
2006-08-15 10:37:50 · answer #8 · answered by ? 1 · 0⤊ 0⤋
That is a question you need to ask your loan officer because it depends on your credit, and the amount of equity in the home you are trying to purchase.
2006-08-15 10:36:54 · answer #9 · answered by chocolatebabycakes 4 · 0⤊ 0⤋
Call me 718-268-8777 x 246
If your credit rating is above 680 you should qualify for 100% financing....The amount would be based on your income.
Prudent
2006-08-15 16:04:00 · answer #10 · answered by Prudent World 3 · 0⤊ 0⤋