linkus86
|
There are a few different ways.
1. 100% financing
2. Taking advantage of an FHA loophole that allows the seller to pay for the down payment on the FHA minimum down payment (2.25%) by having the seller "give" it to a third party non-profit (with a service fee) and the non-profit gives it to you to give to the seller. Contingent upon the house appraising for the higher amount necessary to complete the sale with the seller not taking a loss.
3. Having the seller pay the down payment on a conventional loan. Again contingent upon the appraisal covering the contract price which may be jacked up to cover the seller concession.
4. Often there are government grant money available for lower income buyers. |
|
ngo
 |
you get an 80 20 loan. basically it's a 100% financing. you should at least put 20% as a down payment. if you can't, depending on what area your looking to buy a home, sometimes it best to get 100% financing. |
|
King of Babylon
 |
Check with local government agencies. If you're a first time homebuyer a special program may pay a part of it for you. |
|
Crystal S
|
ask for 100% financing and your credit does not have to be perfect. Make sure you get with a company/bank, etc that wants to put you in a home not one that is looking for a buck. |
|
border
|
I know a couple that did this.
House they wanted to purchase was assessed at 200,000 but current owners were anxious to sell and agreed to take 190,000. Difference between 200,000 and 190,000 is 10,000 or 5% Selling price for banking purposes was 200,000. Mortgage was given at 95% or 190,000 and couple was responsible for paying downpayment of 10,000 which they had already agreed was waved by buyers.
Does that make sense? hope so.... |
|
Unique
 |
Your bank will tell what program are available and which ones you qualify for. |
|
littlebettycrocker
|
I just received a grant for $5000 for closing costs and a down payment through a local organization just for taking a home buyer education course on a Sat. Call around to banks and organizations in your area to see if they offer any information like this. |
|
vrazumniy
 |
Thank you for your question. If you want to get pre-qualified you can email me your credit score, income, property price range and loan amount and I will be able to assist you with it.
Sincerely,
Vladimir Rozumniy
Sr. Vice President/Managing Director
American Mortgage and Real Estate Group
8159 Santa Monica Blvd Ste., 201
West Hollywood, CA 90046
Direct (323) 428-5944
Fax (323) 331-1538
Email: info@amregroup.com
Website: http://www.amregroup.com |
|
Slim Whitman
 |
Depends on credit score, lender and appraisal.
I've bought houses under the appraised value and requested the loan of the appraised value for "repairs".. |
|
helixburger
|
If you have real good credit or are willing to frinish some of the work (Sweat equity) there are 100% finance deals. |
|
the_big_v
|
Depends on your country obviously. But you will need bloody good credit and you will have to pay a higher interest rate on the mortgage.
I know that the UK and Canada have many first time buyer options where you can do this. The UK will throw them at you at a rate of knots! |
|
uncleneal
|
apply for a zero-down loan
you need excellent credit and a good job history |
|
Dwight D J
|
owner occupied 100% financing is easy if your credit score is over 600....just apply; start with credit unions, if they fail, go to a mortgage broker
if your score is under 600, go to a broker and be prepared to pay through the nose
nonowner occupied housing (i.e. apartment buildings) is harder to get and requires more credit and more downpayment |
|
loach
|
even if your credit's not that great you can negotiate with the seller for a slightly higher sales price and they cover your closing costs. i actually got $500 back for buying my house. |
|
Big Sista
 |
You don't unless you are very well off with lots of assets and sheckles tied up elsewhere.. |
|
♥--->{Shauntee}<---♥
|
You need to talk to your real estate agent. He/She may have some programs that they know about that you would qualify for. |
|
Stoner
|
some owners rent to own |
|
trent
|
u can if you dont have good credit and if you dont than just rob a bank or somthing |
|
UOPHXstudent
|
Good credit, first time home buyer, etc.
Go to a bank and see what you need. |
|
Lynn
|
There's financing out there that offers 100% financing but you have to have excellent credit.
Good Luck |
|
raidersgirl408
|
you'll have two loans and your payments will be higher but you dont nee a dwn pymnt to buy a home you just need to find a broker who will find you a bank that will finance you at a 100%. but like i said you will need to have 2 loans a first and a second and depending at what your house will be appraised at and what you loan amount is you might get a really good deal. i would suggest finding a broker instead of walking into a bank because they get wholesale prices as to a bank they get retail. |
|
Nena
|
Really the only way have to have a Down payment is if your credit is really really bad of if it is a trailer, Mobil home what ever you want to call it. Even if it has a foundation it is still considered a mobile home if that is what it started out to be...
Buy a House not a trailer it will be cheaper on you. |
|
mack j
 |
with the full payment? is this a trick question? |
|
dukalink6000
|
I don't think you can. |
|
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
