Does anyone know if buying a house for $0 down is possible?

Answer 1

Even with good credit you will need a little chunk of change, save up 5g its worth it..
good luck.

Answer 2

My wife and i bought a house without a penny down.the way it's done i'll give you an example..the house you want to purchase is let's say for this example 90500..well you would tell the owner of the house you are going to pay him110000 thousand for the houes and then they tell the bank you allready gave them the 10000 ..so then you get your morgage and once the bank pays them the for the morgage you get the 5 thousand back from the owners and you use that to pay for your land transfer taxes and lawyers and your alll set my friend..That's what we did the only place we got screwed if we didn't realize that we would have to run out and get a new fridge and stove because we where so used to renting and those things came with the appartments..lol

Answer 3

I bought my house at $0 down by going with land contract. We rented this place for a year and loved it---after speaking with the landlord he was willing to sell. We signed the papers, paid only $700 for filing fees etc, and wrote up the agreement...We have been buying it for 1 year now with only 14 years to go :o) With our sucky credit (both divorced and only married to each other for 1 year) we would have NEVER got a home loan...fortunately we got pretty lucky, I think!

Check the papers for owners selling on land contract. If you don't have the money for a down payment and your credit isn't great it is sometimes your best option!

Answer 4

My husband and I just purchased our first home. Signed the papers on the 8th of March. All we wound up paying was $290 in closing costs. My hubbys credit score was only 580 and they were able to do it off just his credit. We paid $79,000 for the house and were allowed to roll most of closing costs into the loan as well. So our total loan amount is $84,000 and we only had to pay $290 to close it. Our insurance, taxes, and all fees were all rolled into our closing costs. Also, our taxes and insurance is rolled into our house payment as well. We had tried to go through several other places and no one else would touch us. If you need any more info please ask. I hope this helps!

Answer 5

Yes! i did. Well I didn't have to pay anything out of my pocket down. Here is what I did. The house was for sale for 150,000 and the closing costs were going to cost 5,000. So we negotiated with the seller to sell the house to us for 155,000 and the title company would cut a check for the 5,000 and put it towards the closing costs. It helped both parties.

Answer 6

They say it is but in the end you pay closing costs, you pay to start your insurance on the house and you fix what ever might be needing fixing for your insurnance company to keep it insured. ( i've been there a year ago) It will cost you some money but its worth it in the long run! owning a home is cheaper than rent just remember to have everything rolled into escrow!
good luck

Answer 7

Absolutely. With good credit you can do almost anything. It would especially be easy if you had some collateral to put against it, like a vehicle. If you don't make your payments, however, that vehicle goes bye bye.

Answer 8

yes it is possible. you are gonna have 2 mortgage (80%/20%). but it doesnt mean that you dont have expenses, so you should have enough money for the closing cost.

Answer 9

It is possible. My husband and I did it, you have to have good credit though.

Answer 10

yes.