My husband and I have no money for a down payment or closing costs, is it absolutely impossible for us to buy a home for our family? I am so tired of renting and throwing my money out the window!! :o(
2006-11-08 01:03:46 · 10 answers · asked by inoty 2 in Business & Finance ➔ Renting & Real Estate
It's not entirely impossible. How's your credit? Have you or your spouse been working at a job for 2 years or more? With paying rent, can you provide rental verification? Have you ever claimed bankruptcy, if so how long ago? There are a lot of houses for sale with the owner offering to pay towards closing costs. And if you have good enough credit, you may be able to come into the loan without a down payment and also have the luxury of the seller contributions. Depending on the house you're interested in. There are a lot of questions behind that question, you just have to get started on the pre-qual process and then find out from there.
2006-11-08 01:10:47 · answer #1 · answered by Carrie H 1 · 0⤊ 0⤋
It is absolutely possible for you to buy a home with $0 money out of pocket. You could look into a 100% loan along with a 6% seller assist. We have alot of unique lending programs that afford us the ability to get almost anyone into a new home. I would encourage you to give me a call as soon as you can. My name is Mike Bradley and I work with Bourdeau Financial. I can be reached at (866) 530-7300 x 7316. I hope to hear from you soon.
2006-11-08 06:14:39 · answer #2 · answered by Mike B 1 · 0⤊ 0⤋
Talk to a mortgage broker. You may qualify for 100% financing and it is even possible to get a seller's concession - which is taking out more then the cost of the house to cover closing costs.
Take a look at houses that need work and fix them up yourself slowly as you can afford to. Or maybe look at condos and build equity then in a couple years sell it and get something a little bigger.
2006-11-08 01:09:52 · answer #3 · answered by strtat2 5 · 0⤊ 0⤋
If you have decent or even mediocre credit (above 600), you can get a 0 down loan, and then you simply write the offer to include that the seller pays yoru closing costs. If you wanted to offer full price, you'd actually just over 3% OVER listing and ask for closing costs to be included. Its very common.
But with the market as it is....negotiate for them to pay without raising the price or even while lowering it!
2006-11-08 03:13:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Start a "house fund". My husband and I do this for all large purchases we make. We save change and deposit extra money here and there until we reach our goal. You can get a loan with no down payment and your goal to save for closing costs is not that out of reach. Closing costs can be less than $5,000.00 with no problem. My daughter just closed with no down and less than $3,000.00 for closing. It's doable, you just have to be religious in your saving.
2006-11-08 01:22:02 · answer #5 · answered by Zelda 6 · 0⤊ 0⤋
Yes, you will. Sounds like you have a big enough dream. But, you need to allow that dream to drive you. I know of a business opportunity that has the possibility of helping people achieve their dreams. I've seen and experienced it firsthand. It's not a get rich quick endeavor, it takes work. But, if your dream is big enough, the work won't matter. AND, the work is actually tremendously enjoyable, it's in the area of online marketing and you can grow your business in many ways. It's incredibly versatile and rewarding. If you'd like more information, contact me at hoozdaboss@yahoo.com
2006-11-08 04:16:29 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Get a Buyer Agent and talk with them about Rural Development Loans in your area. You may be pleasantly surprised. My clients are.
2006-11-08 01:07:05 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Anything is possible. My husband & I are currently saving to buy our first home cash. Yeah...cash! We thought it was impossible, too, but once we started our house fund...it was eye opening! Good luck!
2006-11-08 04:39:26 · answer #8 · answered by Erica 1 · 0⤊ 0⤋
hang in there. know your tax. if labour gets in you will wish you where still renting cus those interest rates rely on big business getting its way
remember to learn tax well some people are eligable to write the mortgage repayments off
2006-11-08 01:10:13 · answer #9 · answered by Anonymous · 0⤊ 0⤋
have a mortgage company look to see if you qualify for a Fannie Mae mortgage. it helped us get a loan.
2006-11-08 01:21:50 · answer #10 · answered by T A 1 · 0⤊ 0⤋