2007-05-17 03:04:59 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Certainly, but you have to find a very cheap house to buy.. :)
The size of your mortgage payment is based upon how much you borrow, your interest rate, and the number of years you will receive to amortize the loan fully.
Obviously, the less you borrow, the lower the rate, and the longer the term, the smaller your payment will be.
If you are asking if you can borrow a whole bunch of money and make small payments, the answer is NO.
2007-05-17 03:10:17 · answer #1 · answered by acermill 7 · 1⤊ 0⤋
A mortgage is very simple. You are borrowing money to purchase a home. You have to pay that money back with interest. The amount you pay back is directly related to how much you borrow. The cost of the home and the down payment are the only two variables in this equation. The interest rate is pretty much determined by your credit score and your down payment also, so although that is a variable, it is not something that you have much control over. In order to get a mortgage with no down payment, you may pay a little over the par rate at that time. Usually not more than .250% if you have good credit. So the answer to your question is yes you can buy a home with no money down and have a small mortgage payment if the home is inexpensive. I just saw someone buy a home for $89,900, 100% financing, and the monthly payment is $630 including taxes, insurance and pmi.
There are also programs for first time homebuyers, homebuyers within certain income limits and in certain areas etc. If you are a police officer, firefighter, teacher or active military member there are programs geared toward these individuals.
2007-05-17 03:18:34 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Is there a way to buy a house with no money down
and have a small mortgage payment?
2007-05-17 03:55:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Sure. Buy a cheap house.
Other than that, no down payment means that your payment will be higher than it would have been if you'd had a down payment.
Having excellent credit will get you a lower interest rate, which would make your payment lower that with a higher rate.
2007-05-17 03:14:12 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
Hi,
I have asked this qustion many times and i got the answer on this site.
You will need to get a loan even if you dont have a money down and you will also need agreement with the real estate agency.
You will end up on getting geeting a tenant and paying with the the agent and if you default you might loose all.
2007-05-17 03:28:28 · answer #5 · answered by Timi 1 · 0⤊ 1⤋
it all depends on the credit and your possitive tradelines. the answer to your question "yes" it could be done my email is myrna@signaturehl.com i can help !
2007-05-20 15:29:37 · answer #6 · answered by afriendinflorida 1 · 0⤊ 0⤋