Can you really buy house with no money down.  If so how?
406890
So you understand, no money down does not mean no cost.  If you have really good credit (720+) there are a number of lenders that will give you 100% financing to purchase a home.  The cost that you will incur to purchase the home will be around 3% of the purchase price, you will also need to have reserves in your bank account, and this amount will very depending on a number of different items.
598578
Being there a innumerable ways to begin establishing your credit and to buy a house with no credit established, I will offer you a couple ideas for both.\n1.The best way to purchase yourself a house with no established credit is either from an owner financed, lease to buy, or first time buyers program.Many people now are selling their own homes or purchasing homes and selling them as investment realty properties.Look in your local newspaper real estate section and contact owner financed offers,in these cases the owners carry the note and generally only want a down payment, and proof of income.Lease to buy offers you the opportunity to purchase by making lease payments to the owner and then deed the property in your name when the purchase price has been paid,in this case make sure lease payments are credited to the purchase price in the event you come into some money at some point and want to pay the full balance before the lease is up,bare in mind the lease option will have a shorter term.The FHA and VA offer first time buyer programs and many homes qualify, you can only use the first time buyer FHA once, to use this method contact a realty agent and tell them you are a first time buyer and want to go with a FHA qualified property , usually only proof of stable income and job history is needed as the government is trying to bolster the economy and help people buy a home.Department of HUD in your state is a great place to look for value properties that qualify for FHA loans.\n2.Establishing credit is not near as difficult as it once was,you of course must be over 18.Department store cards like Jc Penney, Sears, Dillard's, ect, are the easiest to get,many banks like orchard and household,and capitol one offer low limit starter cards too (visa & mc).Buying a car and making 6 -12 consecutive payments works well too.The best way is credit cards of any type that are unsecured,secured cards don't mean a thing.Be prepared to maybe pay a little higher interest rates or get lower limits to start with but that will immprove as you make payments.Be sure to make payments on time and at least minimum.Try to pay the balance every month, and never let your balance exceed 50% of your limit.You can also get loans at smaller loan companies like beneficial,american general and such if you have a car or something you can use as collateral,and then make your payments.The important thing is get them reporting good stuff about you to the credit bureaus.Remember your just trying to get in the game and as you build your credit history and score better rates and offers will start coming to you in the mail.Of course you must have a job or proof of income and stable history of at least 6 months to a year to do any of these things we've talked about.There are some ways around this but thats a little to creative to condense into a short yahoo answer.Good luck and try a few of these things they will work for you , we have all been there.
626211
no.  the government is in the business of encouraging home ownership, not funding it.  the whole point of home ownership is to put some equity into something so you have a sense of connection to this massive pile of debt you've just bought.  if the government gave you the downpayment, what sense of connection is that?  you bought a house with the government's money and there's nothing keeping you from walking away.
1091891
Reality check. You can't.\n\nYou need access to funds, either your own or the bank or hard money lenders. Houses cost money.\n\nYour only other option is to swing some owner financing deal, where the owner is essentially your lender.
888398
I don't think you can get a loan for a mobile home without putting at least 10-20% down. Mobile home is personal property and not real property. Therefore, a bank will treat it like a car or TV. Land is certainly real property. However, in most cases mobile home owners don't own the land. They lease it. You should double check if the land comes with the price. If it does, you may still have to come up with a significant downpayment.
1184915
Are you trying to get a loan to purchase this house?  Do you have a large down payment? Do you have income to pay the mortgage? You do not need a job, you need the income that is usually provided by the job.\n\nIf you get retirement or disability benefits, money from investments, or income from other sources, and that is enough to pay the loan payments, you would not need to have a job.\n\nDepending on the amount of equity (money) you are putting into the deal, and the amount that you need to borrow, you may be able to get a "no qualifier" loan, where the equity in the property is enough for the bank to make the loan without any other requirements. \n\nFor example, if a property is worth $250,000 and you have $210,000 in cash to put down, the bank most likely will not care about your job situation. They are not risking much. They have a $250,000 property that they are using as collateral for a $40,000 loan. If the loan has to be foreclosed (you do not make the payments), the bank will be able to sell the property for enough to pay the loan and any and all costs.
747202
First time buyers sometimes qualify for no or low downpayments, but the interest rate depends on the lender.\n\nBeing single and female doesn't make as much difference as how much you can afford to pay every month, your credit record, the selling price of the property and the value of the property.\n\nThe best deals on financing occur when the value of the property is 80% of the amount financed.  This is usually done with a 20% down payment, but if you can't afford that now, you can always refinance later after you build equity and credit.\n\nBottom Line:  Find a realestate agent or loan agent you can trust (referrals are the best way) and get their help.  They are professionals and you don't have to pay them directly out of pocket.  They earn their money as a percent of the value of the deal.  No deal, no charge.\n\nGood luck!
2904
Options to "Buy with no money":\n1. make\n2. trade\n3. buy with "future money" / credit - but be sure you will have that money in the future.
995600
Try www.prosper.com if you really want to borrow some money and a bank won't lend it to you.  However, if you are struggling just renting, it's unlikely you'd be able to make higher payments.  Try saving just a little bit of money - like 50$ a month in an account for a down payment.  Once you make it automatic, most people find they are able to do this and are able to move it up slowly.  Then you can check into first-time home buyers programs in your state, which can help you get a loan with as little as 3% down payment.  Check out the department of housing and urban developments info: http://www.hud.gov/buying/index.cfm
473960
no money down loan will cost more money in the long run since you will pay more interest plus you will not be able to cancel you PMI 'private mortgage insurance' until you reach 20% equity in the home.  if you buy in a 'hot' area you might want to get an appraisal after a certain number of years and if you have gained enough equity in the home you can cancel the PMI, but you'll have to pay for the appraisal from out-of-pocket.  the only good thing is that you wont need the tipical 3-5 % down payment usually required to buy a home.  check the closing cost associated with the no money down also.  always shop around.  good luck.
875032
It's not entirely impossible. How's your credit? Have you or your spouse been working at a job for 2 years or more? With paying rent, can you provide rental verification? Have you ever claimed bankruptcy, if so how long ago? There are a lot of houses for sale with the owner offering to pay towards closing costs. And if you have good enough credit, you may be able to come into the loan without a down payment and also have the luxury of the seller contributions. Depending on the house you're interested in. There are a lot of questions behind that question, you just have to get started on the pre-qual process and then find out from there.
899623
yes there is a way, some banks allow you to do what they call "stated income, stated assets" that is a program that allows the borrower to state their income to whatever (within reason) to make them qualify for the loan. The down side is the intrest rate is a little higher than normal usually about .50 of a %. with that kind of down payment I could get him into a home fairly easy, and depending on his credit score he may not have to put all of his money down. email me if you are intrested, i can give you more advise or even help you out with it.
795791
To get started with no money and no credit, you will need to find great deals in real estate and sell them to other people. \n\nFor example, you find a house worth 100k fixed up and at it's current as-is condition is worth 80k. You are able to buy this house from the owner for 70k. So, you give the owner an assignable purchase option contract stating that you have the right to purchase this property for 70k for the next 3 months. The owner signs it, and you give the owner a dollar to make it legal. Now you find those guys who are great at fixing up property (known as rehabbers) and sell them (assign them your rights) this contract for 5k. So the rehabber pays the owner 70k and you 5k. So the rehabber then repairs the place and sells it for 95k to a retail buyer. This is only an example, you can flip these contracts to anyone, including retail buyers regardless of the condition of the property.\n\nVisit your local book store for more info or read websites like:  www.reiclub.com\n\nRegards
1139982
What the heck...you again?\n\nI bought my first house at 25. It was 80k...I had no down payment and at the time I think I was making around 28k. The first year was a struggle. But 2 years later...I am making 37k and it is much easier. I don't have to worry about if I can eat well this week. If you have the 50-100k saved for down payment, I would think you are safe as long as you are making 50k+. It all depends on what you are making at the time of purchase and if you are comfortable with it. Don't buy an extravagant house (even with down payment) if you think you will struggle. It's not worth it. Life is too short to be stressed over a high mortgage and bills. When you have a steady and decent income, buy a smaller, cheaper house to start. You can always sell it. Most houses go up in value (unless it's a real dump in the ghetto) and you will likely make money. I thought about selling mine and going bigger, but I'm not ready for the struggle and I really don't need it. I just want it. But that's just more to clean and a bigger lawn to mow. I would start small. If you can afford it now...buy a small house. At least you will be investing your payments toward something that is yours and that you can always sell for profit. Rent is investing your money for someone elses benefit. I'm glad I bought mine. I was scared at first, but it was well worth the investment. the house across from me (same size and design) just sold for 11k more than I paid for mine. And mine was brand new when I bought it. So it's nice to know I can always sell for more than I paid for.\n\nEDIT: Sorry! Just another thought. If you are married or have kids at that time your income will obviously need to be much more. Probably in the 80k range for that kind of house. I also don't spend money on worthless things and I have no kids or husband, so most of my money goes into savings and towards the mortgage. I see my friends who are married and have kids struggle because they tried to buy too big. And another friend who bought kinda small, but still struggling. Her husband owns his own business...so their income is not always the same or steady. They make good money, but they got themselves into something they can't really afford. Just keep in mind that if you are married (and especially with kids) that they will have needs and wants that cost money. Your priority will not be a monsterous house. Dang...was my friggin' answer long enough? I'm gonna quit typing now. I ramble too much sometimes. Sorry!
1066229
Hi,\n\nNo, it's not a scam, it's just using real estate law and thinking outside of the box in purchasing real estate. Your best bet, is to read real estate investment books and websites (like www.reiclub.com).\n\nAnd you're right, there is no way to OWN property without money (or some form of value), credit and mortgage, but you can CONTROL property without the three. You then sell the control of the property to other people or investors. You can OWN property without money and credit, but you'll need to have a mortgage because no one is going to give you a piece of property that is paid for free of charge. Here's your hint: "Assignable purchase option contracts". \n\nGood luck to you. And by the way, it's not "of course! It's so obvious!", it's more like "Oh, I didn't know such a thing existed and that's how the rich got rich?". By the time you're done, you will never look at property in the same light. \n\nE-mail me if you have any more questions.\n\nRegards
396203
go here there are lots of loan programs that may help you http://www.allsolutionsnetwork.com/cgi-bin/d.cgi/CB9051/no_down_loans.htm
301091
Generally it really takes one or the other. Also buying land is even a little trickier than buying a house. Its tough to get land financed since there is really nothing used as collateral. So usually it requires a bigger down payment. Having said that some other options might be to check out your local courthouse and find out if there are any tax sales in areas you might consider. These properties are behind on taxes and get auctioned off to the highest bidder for usually significantly less than market value. Also drive around and inquire about run-down properties, research owners, or find buy-owner properties. Working with an individual person might get you a deal you can handle. But try to save up for a down payment because without good credit, money is the only talker left.