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Reggie G | Is it really possible to purchase a home with no money down and pay no closing cost? |
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ted.stryker
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why yes, yes it is. |
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Fun N Sun
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It is possible but your interest will be higher. |
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pointless74
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Yes a program called ameridream. It is how my wife and I bought our house. If the seller agrees to it, then they pay the closing costs, butu will have to give them more toward their askig price. EX wants 78,000 may need to pay 76,000 |
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Skip
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Yes you can and this is one way to do it. Apply for a loan with a mortgage broker. Tell him you are interested in a 100% loan. You should also explain to him that your lender should allow the seller to pay all closing cost. There are some lenders that will allow this and some that will not, he has to know this information so he can find one that allows sellers to pay all the closing cost.
Now if your credit scores are of such that you can qualify for such loan you have no problems. The most popular method of getting a 100% loan from lenders currently are an 80/20 loan.
This means that 80%of the cost or loan amount for the house will be a first mortgage. The other 20% of the cost or loan amount will be a 2nd mortgage.
Now look at what has just happened, you are getting into a property for no money out of pocket for the loan. The lender is gonna charge you a bit more than had you placed some of your own money down on the property. It stands to reason they are taking a higher risk. The 2nd mortgage is always gonna be higher than your first mortgage especially if your get them together.
Since they have broken the loan down into an 80/20 you need not concern your self with that big bad Private Mortgage Insurance (PMI) that the others were speaking of.
Now that you have a loan is in place, you need to find a property for sale. You can do this yourself or you can go through a real estate agent.
If you do it look through the paper and seek only properties that say the owner will pay closing cost, to seek others might be a waste of time. Some might say will pay half of the closing cost. Call and see if they will pay all the closing cost.
If you go through a real estate agent, if he finds you a property and present a contract for you to sign, make sure it says seller will pay all closing cost.
That being done, it cost you nothing, the seller will not normally raise the asking price, because he has to get an appraisal the appraisal must reflect what the price of a house is going for in the neighborhood not what some seller is willing to give away as an incentive to sell his house.
You will not have an increase in your interest rate as the seller paying closing cost has nothing to do with the loan other than the lender has to know that the seller is paying the closing cost.
So you have just entered and purchased a property for no money out of your pocket what so ever.
Since you have an 80/20 loan the lender will not in most cases require you to set up an escrow account to pay your insurance and taxes. You can decide to pay them on your own or through an escrow account. But the decision is entirely up to you.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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May I help You?
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Possibly.
1. HUD homes - are for sale & resale all the time.
2. Foreclosures exist also
3. Closing costs - sometimes are part of what you can get the seller to pay - for the right deal they might.
4. All you have to do is find location, location and location.
5. Sometimes these homes are boarded up and in bad dis-repair so you need to put in much time & money.
6. YOu could check with your local banks to see if they have any bank owned property for sale.
7. You can check with your local real estate people - who may try to find you the right property for sale.
GOD bless us always.
CPA-retired
MBA-Boston Univ.
I sold real estate working my way through college. |
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pamelathomasmartin
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It's possible but it's not necessarily the smartest way to go. You should talk with a reputable lender about the differences in 100% financing and putting at least a 3% minimum can make a huge difference in risks and costs over the long run. If your lender won't discuss these things truthfully... run and find another one who will honestly tell you about the risks and pros vs. cons of for instance 80/20 loans where you pay 2 loan origination fees and ALWAYS higher interest on the second. Trust me check out ALL you options. |
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sarge927
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Yes and no. Can you get into a home with no out-of-pocket expenses up-front? Yes, you can. But here's what they don't tell you: The closing costs, which usually amount to several thousand dollars, are rolled in to your mortgage, so the bank is STILL getting their money for closing costs (but you end up paying interest on it). Also, unless you put a certain amount down on a house you have to have mortgage insurance, and that can add a couple hundred dollars per month to your mortgage payment. Finally, they also require you to set up an escrow account to pay for your property taxes and homeowners' insurance, which you are also required to have. So when you see ads that say you can get a $200,000.00 house for $680.00 a month, it ends up being several hundred dollars more per month after you pay for the escrow account and the mortgage insurance and the closing costs. See how it works? |
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Allyson C
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"Pointless" is absolutely correct. I bought my first home with the Ameridream program. Any good real estate agent should be able to walk you through it, and be able to sell the idea to the seller. Not only did I buy my home with no money down and no closing costs, I ended up with an $800 check at the closing which is now called my refrigerater. Google "Ameridream Foundation" and you should find loads of info. Essentially, the deal is that the seller is paying your down payment and closing costs, but the money is routed through the Ameridream Foundation charity. A wonderful program. Good luck!! (BTW, if you are planning on doing this only to purchase a rental/investment property, do yourself a favor and really think it over. It's not worth over-leveraging yourself and being foreclosed on a few years later.) |
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Monty L
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Sure and your mortgage payments will be about $10K per month. |
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seriouslyomg
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We did that! It was called a rural development loan. Of course it only applies to rural communities. I think you can ask the seller to pay all fees but they will just jack the price up that much. |
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justgetaloan
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Yes buying a home with no money down is completely possible. It entails usualy buying an exhisting home or having a new construction company willing to give an sellers assist (not common, but definately possible) If you are still looking to get pre-qualified feel free to visit http://www.justgetaloan.net or you can email me direct at jfreeman@justgetaloan.net |
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Puddinhead
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Yes. It is very common.
When you purchase a home, the seller pays all real estate agent fees. You are in the clear there.
Typically the best way to pay $0.00 at closing is to write into your office to purchase that the seller will pay up to a certian percent of your closing costs (typically 5-6%). That will cover your title fees, and fees to cover the lender and mortgage company fees.
I would be happy to answer any questions you may have so just e-mail me if you like. I am a mortgage consultant. |
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whatevit
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JUST THINK ABOUT IT? The property is assessed at $125,000 - There is a $50,000 mortgage owed by someone that is leaving to go to another country in 10 days. No one who is going to be in the area wants the house. You agree to buy the house for $70,000 - THE MORTGAGE COMPANY GIVE YOU MORTGAGE FOR $80,000.
You would be able to buy the house with nothing down (all monies you put up you get back). No closing costs (it is paid out of the left over $10,000 of the mortgage loan). If there is any money left over after the transaction, YOU WILL GET A CHECK TOO. |
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