how true is it that you don't have to put money down to purchase a home?

Question

is it true you could purchase a home with or without money down or without a job.

Answer 1

without money down is true to a point it depends on the seller/buyer agreement as for no job that is NOT true you have to prove some kind of income to pay for the house unless you buy it outright which is rare

Answer 2

That is definitely true, but not in high demand areas. Here are some of the ways:

1. A renter has an option to buy with a part of the rent accumulating over time to provide the down payment after a few years when he exercises his option.

2. A seller financed mortgage where the seller agrees to provide the land contract instead of a mortgage. For example in Michigan a Land Contract can charge up to 11% interest. If you have bad credit you might find a seller willing to risk you by charging 11% interest and foreclosing right away (easier on a land contract) if you default.

3. A "no credit check" mortgage which some lenders have. You do however have to pay a higher interest rate and usually provide a 20% down payment.

Good luck.

Answer 3

It is not very true. Without a job would be tough unless you have investments that you are willing to put up for collateral. No money down is pretty tough to do with a job. You need to find a seller willing and if it is listed through a real estate agent you can almost bet they (the seller) is not going to pay it unless they are desperate.

Answer 4

You need to demonstrate ability to pay (job or other) and I would say you would experience at least $ 1,500 in costs, down payment, etc. to actually own a home, even on a land contract.

Answer 5

VA-Guaranteed loans may also be zero-down or only have a minimal down payment.