There is a lot of advertisement that you can purchase real estate with no money down, but are they for real? Does anyone have any real live examples (positive or negative) Is is real or is it hype/marketing?
2006-11-14 02:34:57 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The people who bought my house did this several years ago. We were asking 62k. That would have required something like 5k-6k down plus closing costs. They had the paperwork drawn up for a 69k+ selling price, with the buyer (me) putting down the down payment and all closing costs. (The money came out of the final check to me.) I got my 62k, they got their house, and financed it at 69k.
2006-11-14 04:03:02 · answer #1 · answered by LadyJag 5 · 0⤊ 0⤋
YES you can buy real estate with no money down. There are many banks that do either 100% or 80% first mtgs and 20% second mortgages from the same bank for a total of 100% financing. Many of these programs allow for 6% seller concessions to pay all or part of the buyers closing costs and tax escrows. The rates on the straight 100% programs are slightly higher than "street" rate, but not by much. The better your credit score, the better your rate will be. Average rate for a straight 100% loan with credit score 720+ today is 6.95%.
2006-11-14 07:37:13 · answer #2 · answered by anne l 1 · 0⤊ 0⤋
Yes, 100% financing is available to those with good credit at reasonable interest rates. Understand, however, that there are other costs involved in buying a home. The buyer is responsible for a number of closing costs that can be as much as $10,000 depending on the amount of property taxes and fire insurance costs.
2006-11-14 02:51:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Working in a RE office, I saw many people get a house with 100% financing. They even got seller's concessions to cover closing costs. But keep in mind, if two people are bidding on the same property, 1 with a cash offer or a downpayment on contract, they will be considered to have a much stronger offer.
2006-11-14 02:41:30 · answer #4 · answered by strtat2 5 · 0⤊ 0⤋
Yes you can purchase a home for no money down, many of our customers especially our first time buyers have found the loan programs we help them recieve very helpful. If you are looking for a fast free pre-qualification, with low rates, great programs and service feel free to log onto http://justgetaloan.net/ also for further assistance feel free to contact me at 866 530 7300 ext 7305 or by email at jfreeman@justgetaloan.net
2006-11-14 08:29:49 · answer #5 · answered by Anonymous · 0⤊ 0⤋
at the start, the real belongings industry isn't warm like that final individual reported, till you're interior the Sunbelt. purely ask your mortage professional for an eighty/20 very own loan. it particularly is 2 mortgages taken out on the comparable time to do away with paying loan insurance. the 2nd very own loan could have a greater physically powerful interest fee, yet you will nevertheless pay decrease than you're able to in case you had to pay loan insurance.
2016-10-03 23:04:17 · answer #6 · answered by lavinia 4 · 0⤊ 0⤋
It happens every day. I personally purchased my home zero down, and I actually walked away from the closing with my $500 earnest money deposit I had put down. 100% purchases can be done in most instances as long as it will be your primary residence.
2006-11-14 04:19:38 · answer #7 · answered by Justin 3 · 0⤊ 0⤋
Yes, there are lots of ways to do a house w/ no money down. VA Loans are 100% financed
-Angela
http://www.ratraceclub.com
2006-11-16 07:01:37 · answer #8 · answered by Biancoa 4 · 0⤊ 0⤋
Yes It can be done Robert Allen the guy who does it all the time says he taught people to do it he rich too
2006-11-14 05:20:53 · answer #9 · answered by pattibcacl 6 · 0⤊ 0⤋