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Question

Submitted 126 days ago...

drhowie

drhowie

Beginner (50)

Real Estate

Can you buy a home with no money down?

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Answer 1 / 5 - Submitted 125 days ago...

hillwilliam

hillwilliam

Expert (839)

Yes can buy a home with no money down, So homes you can buy that will give you ten thousand to buy too, you can do this buy find a Mortage that is more then the price of your house, So buy $120,000 house but get a $130,000 Mortgage giving you area to move, and money if it needs repairs, but see what you qualifiy for and shop around.

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Answer 2 / 5 - Submitted 124 days ago...

Grovers1010

Grovers1010

Authority (591)

You might be able to find a deal like this but you will need to have excellent credit. Lenders will generally wonder why you don't have any $$ to put down and wonder if you'll be able to make your payments. We bought our home using the FHA (federal housing authority) and we did get it with no downpayment. It was a program for 1st time home buyers. I'm not sure if you can do this any more, as lending practices have become MUCH more strict since we bought our house. Call up any finance company like GMAC for instance and they will be able to tell you what they can do for you. This doesn't obligate you to buy a home, and you can do it without even having one picked out. You could try several agencies and see where you can get the best option. Good luck!

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Answer 3 / 5 - Submitted 92 days ago...

warthpublish

warthpublish

Expert (775)

I am not a lawyer and cannot give legal advice. I have been in real estate for many years. I have bought many homes no money down.
The previous answer can work in a booming market but not today. What I do in this slow market is to look for homes that have older owners, Baby boomers if you will. I look the place over and make a fair offer. I then tell the owner that I want to buy it no money down and it will be to his benefit to do it. I tell him if he receives a down payment or the full value, as he would if I would finance it at a bank he might be hit with a big tax bill. But if he sells it to me with no money down I will make him monthly payments and he will only owe tax on the profit part of the payment, which will be very little tax. This used to be called land contract but is now usually referred to an installment sale. He keeps the mortgage so he has the best collateral for the loan he has in effect made to me.
There are many free forms on the internet.

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Answer 4 / 5 - Submitted 17 days ago...

thegreek

thegreek

Beginner (55)

We did but with an FHA loan. Get a seller who is willing to pay for closing costs, it works. Best...

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Answer 5 / 5 - Submitted 16 days ago...

monjean_18

monjean_18

Beginner (16)

Yes here in the phillippines we have some property here
you can start paying whithout down payment
you will the amortization
check this addres www.camayacoast.com
and make a email on me
yael_yuzo@yahoo.com

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