I want to know is it true about no money down on real estate?

Answer 1

Those ways that are advertised on TV and as courses are actually scams.

You find some poor idiot that is on the verge of foreclosure and tell him that you will take over his house payments so he can avoid bankruptcy being on his record. You give him a paper to sign that is really a deed giving you ownership. Then you tell him he needs to make only the next month's payment. That gives you enough time to run to the mortgage holders and negotiate a much lower payoff amount and then to sell the house ASAP before you need to make any payments on it yourself. It works especially well if they guy does not realize he actually has some equity in the house.

That is what those "no money down" guys are really doing.

Answer 2

There are a multitude of ways to create a financing package which is essentially no money down. By that they mean no money out of your pocket or accounts. Some examples use borrowing the down payment from the seller. Also, many mortgage companies still offer 100% financing.

Answer 3

Yes it is true, you can get 0 down loans, I am a realestate agent and I have helped several people get int these.first of all you must qualify, get a good mortgage lender, a VA loan. would be first to come to mind, 2nd would be different city grants o goverment grants,in Boise Idaho we have some, maybe in your area two, usualy you have to be a first time homebuyer, with good credit, and aleast 2 years on same job, some other ways maybe to have seller pay down payment and closing costs =0 down Yes there are ways this can be done , also most ads on tv a going to pick your pocket .But number 1 get a good lender that wont charge you for credit report ,to get things started, yes they are out there you just have to look

Answer 4

Yes, you can buy real estate "no money down". This is called 100% financing. Even if you quallify for it (and it's not that hard, just be careful) you will still need to come up with money for escrow costs. Those can run into the thousands of dollars depending on the cost of your loans, etc.

Answer 5

It's much more possible when you are talking about buying your own home, rather than an investment property. For investment properties, it is much tougher than it was just a half year ago.

But if you want to buy one for yourself, there are plenty of options, and contrary to what others have said, it is possible to do a purchase with as little as $500.00 out of your own pocket - because seller concessions can be used to pay all other costs, pro-rated taxes, closing costs, escrow set-ups, even the first year of home owner's insurance.

Find a broker who knows what he's doing (full disclosure, I am one) and see what can be arranged - and whether it fits into your financial picture.

Answer 6

Yes, you still can buy properties for NO MONEY DOWN. I believe that it all depends on how you negogiate with the seller. You may get owner financing and negogiate a deal where no money down is involved. There are many other ways!

Charlie

Answer 7

particular, yet you will ought to pay a a approaches better activity cost and purchase a very low priced living house, yet they're accessible. call an area genuine sources agent or a realtor your loved ones and friends have used interior the previous. they might have a itemizing of creditors they use and you may call and interview them. you will ought to furnish them very own information, yet all and sundry has to, like social protection numbers, earnings, debt, baby help, and so forth. I’m a realtor who bargains with investments and that i will enable you recognize those workshops do greater injury than reliable. many circumstances human beings come to me with those techniques and that they vary everywhere from valueless to unlawful. be at liberty to digital mail me with any of their structures for procuring a house or funding sources and ninety 9 circumstances out of one hundred I’ll have an easier plan that’s criminal and greater decrease priced.

Answer 8

With all of the problems with the housing market lately, it is very unlikely that you will be able to have no money down on a house unless you have a perfect credit score.

Answer 9

I would think that realtors would be doing it themselves if there was money to be made at it. They know more about the market than most of us and they would get first bids on the houses too!

Answer 10

There are still 100% financing options out there!