I am looking to buy a home that needs work and can be bought with NO Downpayment, but will have 2 names on the mortgage.Both with good income and adverage credit. I need all the ins and outs you people can offer to this 2 yr. Cancer beater so far, but now also got Lung Disease and Fibromyagia. Can you believe it?? Im only 48. Smoked 25. Oh well.
But, I am alive and I'm noyt going to die so I need a home.. HELP
2006-12-27 17:21:25 · 5 answers · asked by Cancerbeater 1 in Business & Finance ➔ Renting & Real Estate
Probably not, because the lenders will want to see some capital in the thing so they can be reasonably assured that you will fix it up. But go talk to a few banks, and investigate what they have in their REO department. Anything that they have acquired by foreclosure is almost certain to need significant repairs, and they would much rather move the merchandise than sit on it. So, if you look responsible and ambitious, they might cut you a deal.
2006-12-27 17:25:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Congratulations on being a Cancer Survivor, that's awesome!!!!
Anything is possible, there are many loan programs out there that will give you money to fix up a home you are buying. I suggest you try a big lender (Wells Fargo or CountryWide). They have great programs to help someone like you. Depending on your employment you may qualify for down payment assistance programs (differs in every county). These are loans that help pay closing costs and money needed for a down payment that lenders don't cover.
2006-12-27 17:56:28 · answer #2 · answered by Martini Babee 4 · 0⤊ 0⤋
Hello Steven =)
I have purchased 3 properties in my lifetime. None of them were from relatives. All 3 included some amount of owner financing, which made "no downpayment" a possibility. It's a tough deal, but, if the buyer and seller are both motivated enough, it can be done.
Namaste, and Happy New Year,
--Tom
2006-12-27 17:25:50 · answer #3 · answered by glassnegman 5 · 0⤊ 0⤋
First of all, if it's a fixer upper and you have no money for the down payment (which can be arranged, they just charge you a higher % on the loan and PMI), what will you use for money to fix it up?
Make sure that you have enough money to fix the home before you head down that path - expect it to cost 300 - 400% more than what you estimate.
2006-12-27 17:26:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Send the detailed case at kishaloy_bhowmick@yahoo.com and i will get back to you asap.
regards,
kish
Loan officer
2006-12-27 18:26:56 · answer #5 · answered by kishaloy_bhowmick 2 · 0⤊ 0⤋