I am interested in buying a condo, but I don't really have any money to put down? Can I apply for a mortgage with no money down? How does this process work? I am really lost in what you need to buy property.
2006-12-17 02:25:11 · 6 answers · asked by public-opinion08 2 in Business & Finance ➔ Renting & Real Estate
The best advice I can give you in this situation is to get on a budget so you can save for a down payment. Owning a condo is a good thing to do IF you have some money saved to cover unexpected expenses. Buying a house or a condo with no money down is going to become a nightmare.
2006-12-17 02:44:25 · answer #1 · answered by KC 4 · 1⤊ 0⤋
a 710 credit score is good. Since you are a first time buyer, put 20% down if you are able. This will eliminate Private Mortgage Insurance. If you can afford to put more down, your payments will be lower. Also, here is a trick that most people do not know: When making your mortgage payments, pay next month's PRINCIPAL along with this month's payment. What this effectively does is eliminate next month's interest. If you keep doing this every month, your 30 year mortgage will be reduced to 20 years or so, maybe even shorter.
2016-03-13 07:54:36 · answer #2 · answered by Anonymous · 1⤊ 0⤋
You can buy most property with no money down. Having no money do is not the problem that most people run into. How is your credit? Do you have a good paying job. Do you have a good history of paying your current and past bills on time? If you do get a no money down mortgage, you still will need money for pre-paid items. Ask you mortgage lender what will these items be.
2006-12-17 04:11:09 · answer #3 · answered by deletmor 1 · 1⤊ 0⤋
It is crazy what these mortgage brokers can do these days. if your credit is decent you can most definitely get a house or condo with no money down. but make sure you can at least afford the monthly payments. i did a 100% loan and even had the seller of the home i was buying pay some of the closing costs. i was referred to this guy through a friend and he really knows his stuff. call him at 954-491-9203 or visit his website http://www.scottlushing.com/
2006-12-18 09:13:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You don't need to have superb credit. The minimum score I've seen to get a 100% loan is a 560 mid score on your credit. But, know that the worse your credit is, the higher your interest will be. This means you will have higher monthly payments.
Just call up a local broker. Any broker will be able to tell you in a few minutes, if you qualify, and how much home you can afford. About 40% of your monthly income is how much mortgage you can afford per month.
If they can approve you, they will ask for copies of W-2s, tax returns, pay stubs, bank account statements, yada yada.
2006-12-17 12:17:48 · answer #5 · answered by Easygreasy 2 · 0⤊ 1⤋
you can buy a property with no mpney down, but you might have to have really good credit...but your monthly mortgage would very costly, i did that and now i reuin my credit and buy foof to eat. All my pay cheque is going towards my mortgage...but i believe everything will work itsef out. try it if you have support that you can lean on if think become rough for you.
2006-12-17 02:46:01 · answer #6 · answered by faith 1 · 0⤊ 0⤋
if your credit score is very high say 770 or higher you should have no trouble your credit score is very important to the financial institutes
2006-12-17 02:34:06 · answer #7 · answered by mrmossyoak 2 · 0⤊ 0⤋