2006-09-15 12:53:53 · 7 answers · asked by marius m 1 in Home & Garden ➔ Do It Yourself (DIY)
I bought a house without a down payment. In fact, my bank also gave me $2000 towards buying the house because they received a $10,000 grant every year for first time homebuyers. All I had to do was take a test.
I have an FHA loan which requires no down payment. It is for people that are middle class or poor. Check into that. There is always a program for first time homebuyers. I didn't think I would ever get a home, but I finally forced myself to fill out a pre-qualifying application at the bank and they worked with me. Within 2 months, I bought my first home.
Good luck.
2006-09-15 12:57:33 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Contact a mortgage broker. If you have great credit, brokers have lenders now that can offer a nothing down mortgage. It's just that easy. Nothing is free though, so expect to pay a higher interest on the mortgage.
Lenders will also recognize cash gifts now as a down payment. All you need is a letter stating the amount and from whom. You can write an agreement of purchase and sale that includes the seller rebating closing costs but not the down payment. Their policies state that they will provide a certain percentage of the lower value of sale price or appraisal.
2006-09-15 13:25:35 · answer #2 · answered by Mikey 1 · 1⤊ 0⤋
sure it can be done
but with a price
typical in a 80/20 loan
in which 20 percent is a 5 year high interest loan
the balance can be ARM, fixed or any other myriad of options
or 80/15/5 with the 5% being a teaset rate that's low
careful on anything without a down as bank will cover themselves in the event you default ( as many now are in default ) since the ARM kicks in and they cannot make the sudden rise in payments
2006-09-15 17:46:43 · answer #3 · answered by Anonymous · 0⤊ 0⤋
what is the question? if it is can you buy a house without a downpayment - the answer is Yes. You can usually finance your down payment into the loan, or find someone selling who is willing to work with you. Usually the best way to do it is through the finance company. There are programs for first time home buyers which usually offer a no down payment offer. That's what we did with our first home.
2006-09-15 12:58:52 · answer #4 · answered by Mrs. Lucky 5 · 1⤊ 0⤋
Some lenders will do it if you have good credit but. the best way is to buy a house below market value because you will acquire instant equity. The bank will view that as collateral in a way. They like to see you into the house for something.
2006-09-15 15:31:54 · answer #5 · answered by Jack 5 · 0⤊ 0⤋
Yes you can nowadays there are a lot of incentives like that to get renters to buy
2006-09-15 13:01:12 · answer #6 · answered by GD-Fan 6 · 1⤊ 0⤋
See: http://www.hud.gov/offices/hsg/index.cfm
2006-09-15 13:33:53 · answer #7 · answered by ? 4 · 0⤊ 0⤋