how can i purchase a house with Little or no down payment?

Answer 1

You need to ask for a 100% mortgage.. to get that you need to be earning loads of money.. I did hear that some banks are offering 5x your salery.. in that case if you are on £30,000 a year you would be able to get a £150,000 house

Answer 2

To purchase a house with Little or no down payment depends on your annual income, your debt-to-income ratio, your credit scores (at least your 2 highest scores), how long you've been on your job(they normally like 2 years) and how well you've paid your rent (usually the last 1-2 years for that). 100% financing means no money down on the sales price of the home, but you have to pay at least some of your pre-paids at closing. (Pre-paids are home owners insurance, property taxes and lender fees)

You can also obtain a list of foreclosed properties through your local court house, local newspapers and sheriff sales. Many times with these properties you bid on them or just pay the back taxes and it's your home. But, if you pay the back taxes on any of these properties, the original owner can reclaim the home within the first three years that it was left basically abandoned, so there is a downside. But the upside is, many don't so it becomes yours to keep.

There was a guy here, who bought 14 properties with no money down, true story. My Father has 4 properties he purchased with less than $5000 down, and their total value is well over $270,000 (he lives in one of them, does his business out of another and rents the other 2). My husband and I just bought our home that came with over $20,000 worth of equity in it, in a very nice subdivision, with no money down. We only paid $400 at closing and the loan was done in my husbands name only (I'm a Stay-at-home-Mom, so I have no income) and he doesn't even make $24,000 a year! Of couse the cost of living here in Louisiana maybe more or less, compared to where you reside.

So research, research, Research! Because there are ways!

PS we purchased this house in May after being discharged from a 4 year bankruptcy in March. We used the free information our city has available and found our home! And we're not real estate agents either! Wish you the best!

Answer 3

Talk to a mortgage lender. You can get 100% financing and sometimes even seller's concessions (where you can get additional money to cover closing costs and lawyer fees) but keep in mind that if someone else puts a bid on the same house as you and has a downpayment or cash offer they will probably get the house over you because of the more favorable offer.

Answer 4

You ovisously can not afford a house keep saving and then purchase when you have a down payment of 20 percent.Most people with large mortgages are trying to buy things they can not afford just to keep up with the jonses.

Answer 5

Each area has a set of operating rules regarding their local lending policies so they are all different. However the government has programs that the local lenders use to assist home buyers. These loan programs are guaranteed to the lender when the lender follows the rules set by the government agency. Here are the links to those types of programs:
HUD’s Local Home Buying Programs in each state. From State Governments:
http://www.hud.gov/buying/localbuying.cfm
HUD Private Mortgage Insurance (PMI) Information: http://www.hud.gov/offices/hsg/sfh/res/respapmi.cfm
HUD Looking up mortgage limits for FHA mortgage loans: https://entp.hud.gov/idapp/html/hicostlook.cfm
FHA Federal Housing Administration loan programs: http://www.fha.com/
FHA Rural Housing loan programs: http://www.rurdev.usda.gov/rhs/common/indiv_intro.htm
US Government Housing assistance grants all areas:
http://12.46.245.173/pls/portal30/catalo...
US Government Grants page: http://www.grants.gov/
US Federal Domestic Assistance catalog for all Federal Programs available to State & Local Governments & the Public
http://12.46.245.173/cfda/cfda.html
USDA Rural Housing programs & eligibility requirements: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Once you have researched this information you can choose what type of program you feel you are eligible for and then with the help of a licensed real estate agent you can begin the search for the property.
Buena Suerte

Answer 6

Hello,

I completely agree with wanting to invest your money. Afterall, what's the point of making money if you can't make more money with your money (got that?)? Anyway, I've tried all different investments from stocks and bonds to IRA's, 401k's, and real estate. I'm really a big fan of diversification.

However, the only investment I've really been happy with so far is real estate. Over the past 5 years, I've bought 3 different properties (all have tenants, and I'm making more than the mortgage payments on 2 properties).

The 3rd property I got was using Carleton Sheets no money down methodology (he's a GURU in real estate, and yes, his methods do work!). You can actually buy a property for absolutely nothing down (NO MONEY FROM YOUR OWN POCKET). I payed over $500 for his course 3 years ago, and I just saw it online for $9.95!!!! This is a steal at $9.95 (I'm actually going to buy it for my friends for Christmas). It was featured on TV, so I got the website from there.

Before you invest in anything, I highly suggest the Carleton sheets course. http://www.alllsite.info/real-estate.php

Answer 7

Search for Mortgage lenders that give 100% mortgages. This will obviously depend on your personal circumstances & may mean higher interest rates but is worth checking into in order to get your fot onto the property ladder.
Start small & do not overstretch yourself financially.

Answer 8

It depends on your credit score. Any good mortgage broker can get you 100% financing down to a 580 credit score. Just make sure you are dealing with a reputable company, one with a good BBB record.

You should have no problems then.

Answer 9

to purchase a house with little or no down price relies upon on your annual income, your debt-to-income ratio, your credit ratings (a minimum of your 2 optimal ratings), how lengthy you've been on your activity(they sometimes like 2 years) and how nicely you've paid your lease (in a lot of situations the ultimate a million-2 years for that). one hundred% financing skill no money down on the revenues fee of the abode, yet you should pay a minimum of a few of your pre-paids at last. (Pre-paids are householders coverage, property taxes and lender costs) you are able to also acquire a itemizing of foreclosed homes by your close by courtroom abode, close by newspapers and sheriff revenues. many situations with those homes you bid on them or in basic terms pay the decrease back taxes and it is your abode. yet, in case you pay the decrease back taxes on any of those homes, the unique proprietor can reclaim the abode interior the first 3 years that it became left surely abandoned, so there's a shy away. in spite of the indisputable fact that the upside is, many don't so that is going to change into yours to save. there became a guy the following, who bought 14 homes without money down, authentic tale. My Father has 4 homes he bought with decrease than $5000 down, and their entire fee is nicely over $270,000 (he lives in a unmarried of them, does his organisation out of yet another and rents the different 2). My husband and that i in basic terms bought our abode that got here with over $20,000 worth of fairness in it, in an extremely effective subdivision, without money down. We in basic terms paid $four hundred at last and the non-public loan became achieved in my husbands call in basic terms (i'm a stay-at-abode-mom, so I even don't have any income) and he doesn't even make $24,000 a year! Of couse the fee of residing the following in Louisiana possibly more effective or a lot less, compared to the position you stay. So study, study, study! because there are techniques! playstation we bought this abode in would after being discharged from a 4 year financial disaster in March. We used the loose guidance our city has accessible and positioned our abode! And we are not genuine property brokers both! desire you the suitable!

Answer 10

Some lenders offer a 100% mortgage. It all depends on your finances / income