late night shows always say start now with no money and i have no money for the program so how do i get the home
2007-01-31 16:14:39 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Don't waste your time or money. Most of their no money down "techniques" are illegal and would cause you more problems in the long run.
Your best bet is to speak with a loan officer in your area. There are many "legitimate" zero down loans available today that won't cost you anything to find out about.
2007-01-31 16:45:02 · answer #1 · answered by Hoopfan 6 · 0⤊ 0⤋
There are a lot of ways and programs for little or no money down. I suggest contacting a mortgage broker and see which ones you qualify for. Some investors will also give you techniques like subject to and sandwich lease options that can be just as good as no money down. If you are really interested read some of the articles I've posted below. There is a wealth of great investor information there.
2007-02-01 01:59:01 · answer #2 · answered by RN 2 · 1⤊ 0⤋
There is aprogram called the reverse mortgage where all the money needed to close the deal is added on to the loan. Mostly designed for retirees it has the advantage as stated however the in the event one spouse passes on it reverts to the surviving spouse in the event that person passes on the loan satisfaction will be taken out of the estate or the mortgage institution will assume ownership and sell to satisfy the loan. It is designed for elder retirees mainly on a fixed income but not exclusively. If your a first time buyer the money will add on to mortgage also.
2007-02-01 00:27:55 · answer #3 · answered by meander 3 · 0⤊ 1⤋
If you are using a bank there is no way that you can buy a home without putting any of your money, e.g. closing costs, etc. Those info-commercials are not going to do you any good. You will be spending your money to buy their brochures only to find out later that you are being scammed. The bank will not finance your real estate deals if you have a bad credit how much more having no money.
2007-02-01 00:50:55 · answer #4 · answered by ATIJRTX 4 · 0⤊ 1⤋
If you have excellent credit, and a good mortgage broker on a place that isnt that expensive, you can do it....you can even roll the closing costs into the loan....but if you dont even have the closing costs saved up, you have to ask yourself, if buying a place is a good idea.
2007-02-01 00:18:55 · answer #5 · answered by gary d 3 · 1⤊ 0⤋
Lease option to buy, or
2) Seller Caries back paper, or
3) Selled does a Silent Second or
4) Seller Financing
2007-02-01 00:25:40 · answer #6 · answered by ebiz1@sbcglobal.net 2 · 1⤊ 1⤋
Without a 'down payment' you will be paying "PMI" which is a mandatory insurance that will be added to your mortgage payment without having a 20% or higher downpayment. Quite expensive.
I would suggest waiting till you have 20% down payment or you will paying out of your butt big time.
2007-02-01 00:25:28 · answer #7 · answered by COOKIE 5 · 0⤊ 1⤋