How to Buy A Home With No Money Down

Many people never buy the home of their dreams simply because they don’t think they have enough money for the down payment. They’ve been told through the years that they need 10 or 20 percent of the purchase price in order to buy a home. Well this simply isn’t true.

As a By Referral Only Real Estate Consultant, my mission is to help is to help you. That’s why I’ve created this special report.

The following financial programs are designed for people with good credit and a good income, but who just don’t have much money for a down payment.

Option 1: 103% Loan With No Down Payment and Little or No Closing Costs. If the following profile describes your situation then this program probably is for you.

Buyer Profile:

1. Good income (60k or more).
2. Excellent credit
3. Little or no savings for a down payment and closing costs.

Option 2: 100% No Down Payment Programs.

These programs require you as the buyer to pay ordinary closing costs.

Buyer Profile:

1. Good income ($60k or more).
2. Good Credit.
3. 3% cash required to pay closing costs.

This loan is designed for people who have some money for closing costs, but it requires lower credit scores than the 103% financing option.

Option 3: Non-Profit Assistance Programs.

These are the “first time homebuyer” loan programs that may have heard about. These are a few excellent non-profit loan programs that provide down payment assistance in the form of either grants or loans. There are restrictions as to maximum household income, price of the home you are buying and geographical areas:

Buyer Profile:

1. Income must be in line with program guidelines.
2. Average to good credit.
3. Between 1 and 3% of loan amount required for down payment and closing costs.

Option 4: Seller Pays Your Closing Costs.

While this isn’t a loan program this an option. Often a real estate contract to purchase a home or land can be negotiated so the seller helps to pay for some or the entire buyer’s closing costs.

Buyer Profile:

1. Good income (60k or more)
2. Average Credit.
3. Buyer has money for a down payment, but now closing costs.

Option 5: FHA Loans

Although this isn’t a “No Money Down” option, the FGA loan is by far one of the best alternatives for people who want to buy a home and don’t have much money to put down. With an FHA loan, you could put down as little as 3%. Plus, FHA loans are easier to qualify for. While you can’t “borrow” 3% for a down payment, you can get a “gift” from a family member, borrow for your 401k, or sell some “stuff” you have lying around.

Buyer Profile:

1. Good income ($60k or more).
2. Average credit.
3. Buyer has 6% of loan amount for down payment and closing costs.

Option 6: VA Loans

If you are a Veteran, VA loans require no money down and the seller can pay your closing costs.

Buyer Profile:

1. Must be a veteran in active duty, or honorably discharged.
2. Good income ($60k or more).
3. At least average credit.
4. Seller can pay closing costs, or Veteran can pay closing costs.

Option 7: Co-Borrower

While this is not a loan program, it is another option for people who can make a particular monthly payment, but whose income alone does not qualify them for the loan. You may need to co-borrow with someone else and use their income to qualify for the higher payment.

Buyer Profile:

1. Income is lower than necessary to purchase a particular home.
2. Average credit.
3. Buyer has money for down payment and closing costs.

Where to Begin:

Now that you have 7 good options for buying a home for little or no money down, what is your next step?

Call or email me to take the next step. I will recommend on honest mortgage broker or lender I think is best for your particular needs. With a simple 15 minutes, commitment free telephone conversation you can determine which option is best for you and how to take your next step toward owning your new home.

Call me today at 720-318-4404 or email me at terisewell@comcast.net.