Can you really buy a home, no money down?

Answer 1

Yes, you can get a 100% mortgage, which means you are borrowing the total cost of your property, but you don't get such a good rate, which means you will pay back more in interest than you would have if you had a deposit.

Some lenders will actually let you borrow more than 100% which is good for furnishings etc, but again, it will be an even worse rate of interest.

If you can save for a deposit it is definitely the most sensible option and will save you money in the long-run.

(Based on information from UK - US may be different!)

Answer 2

I am aMortgage Adviser and you can get a 100% mortgage its not as hard as what people make out. Do some research and think long and hard as to wether you can afford the repayments. You will find it easier to get 100% if you have no other debt as this will come off th amount you want to borrow for example if you see a house for 100k and you have a loan of 10k you will only have 90k to buy your house so you will have to borrow 110k. Sounds complicated but dont go to a broker as you will have to pay a fee and they range from £500 to £5000 depending on the deal you take. Instead have a look at some banks etc get quotes but dont agree on anything there and then. Northern Rock is a good company and do a rate at the moment of 4.4% remember interest rates went up last thurs by half a %. Northern Rock do a deal called the 125 scheme this is where you can borrow 125% of what the house is valued at. For example if the house you want is valued at 100k they will lend you 125k for home improvements or to pay of existing debt

Answer 3

Listen to what Pet has to say. You absolutely can get a home for no money down. I am a licensed real estate agent in Massachusetts and I have seen it a few times. The fact is, most people these days don't have a lot of money saved, and well a lot of Mortgage Brokers have started offering these types of programs. You have to do your research, but it is not impossible.

Answer 4

I did, but I did have to pay about 500-600 dollars for closing cost and lawyers fees-I had good credit and I got my mortgage under then USDA-Housing and Urban Development, plus I was a first time home buyer (15 years ago)

my interest rate is 7.5% fixed
it never fluctuated when other interest rates did and if I can find a better deal now with a private lender then I can refinance with no problem.

Answer 5

I bought my duplex with no money from MY pocket, no money down does not mean there is NO money down, at least not in all circumstances, I used none of my own money, but I also bought the house at a good price and was able to get a good interest rate 5.87% I did have to pay closing cost and all the other fees but that did not come out of my pocket either and if you have no other or very little debt it is much easier. I also used my existing property to help with the financing( a HELOC) and the duplex pays for it all. I used none of my own personal money.

Answer 6

Yes there are such things as no money down. There are different qualifications. If you are looking to get a fast,free quality approval for the lowest rates, great programs and service log onto http://justgetaloan.net/. We have even been able to help people with poor and no credit get 100% financing. If you are looking for additional assistance feel free to contact me by phone at 866 530 7300 my direct ext is 7305 or by email at [e-mail].

Answer 7

Some providers have started to provide 100% mortgages, together with 50 year loans and 5 times your salary. Just shop around.

Factors that will obviously influence the above are your age and your salary, and even to a degree the industry in which you work.

Answer 8

It is certainly possible. You need to talk to a couple banks and mortgage companies. Generally speaking you will need a good credit record to get a 0 down home loan and you will probably pay a higher interest rate.

Answer 9

under extra valuable economic circumstances you'll be able to desire to probable get a place with out funds down, yet in a declining industry it is going to likely be somewhat not undemanding. you may have 2 huge issues against you. First a declining industry. The industry continues to be on its way down so a house that could desire to be $one hundred seventy five,000 could merely be worth $a hundred and fifty,000 in a 365 days. with out funds down it may be extra much less costly so which you may walk remote from the internal maximum loan and stick the economic enterprise with all of it. they actually do unlike that as quickly because it occurs. The additional funds you have in the residing house, the extra the internal maximum pastime you have. the 2nd concern is the fee selection you're looking in. i don't be attentive to what you will get in Philly, yet I doubt that's extremely lots for that funds.pp

Answer 10

Um ... I suppose that depends a lot on where you are, but never in my experiences. At the very least you need to have the 10 per cent down payment, even with a very good mortgage company.