Is it possible to buy a house with no money down?

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  1. Cheeky Girl profile image72
    Cheeky Girlposted 8 years ago

    Is it possible to buy a house with no money down?

    Basically its a "can I buy that house but with no money" question.

  2. profile image0
    pgrundyposted 8 years ago

    Not anymore. It was possible before the bust, but now if you need a mortgage you have to have excellent credit and a hefty down payment.

    If you have no money and want to buy a house, you can still buy a house very cheaply at Sheriff's auction. You have to be willing to work on a messed up house and it might not be in the best city or best neighborhood, and you'll need to pay cash if you win the house, so you do have to cobble together a sum of cash. In my home town, foreclosures are selling for the price of a used car, and some aren't selling at any price.

    Not for the faint of heart, but if you do that you have no rent, no mortgage payment, just taxes and the money you spend to fix the place up and keep the crack addicts from crawling in the windows and taking your stuff.

  3. stricktlydating profile image83
    stricktlydatingposted 8 years ago

    It is in Australia, for first home buyers.  The Government currently gives first home buyers a 'grant' towards their new home, which the bank uses as the initial deposit.  This scheme is being phased out by the Government apparently next year though.

  4. Casper021 profile image57
    Casper021posted 8 years ago

    yes it is possible and here are 2 ways you can do it
    First you need some other assets which can be used as a security instead of down payment
    Second you can do bridging finance in this case you will take a loan from a bank and a loan from a finace company for downpayment at a higher interest rate

  5. fdoleac profile image57
    fdoleacposted 8 years ago

    Yes- USDA (Dept. of Agriculture) offers 100% financing to qualified buyers in communities under 20,000 population. FHA offers 96.5% financing, but the down payment can be monitized using the $8000 tax credit.  In both cases, the seller can pay the closing costs and pre-paids.  However, you must qualify for the loans. (credit, job, etc.)
    Various state housing authorities also offer programs that effectively allow a purchase with no money down.

  6. Wayne Brown profile image84
    Wayne Brownposted 8 years ago

    It's not impossible but getting more difficult by the day. Credit policies are tightening and with that comes an expectation that the buyer will commit some investment of their own up front. This will depend greatly on the lender but it stands to reason that the current housing market is very delicate and values can drop in an already depressed market. So, in that regard, even if you find a "distressed property", it will probably not be "undervalued" in the market.  That is always a big factor in that you are actually acquiring the property at a price that is perceived to be under the stated market value of the home.  Many lending institutions at present are strapped with what is referred to as "non-performing assets", essentially property or loans on which the repayment is not coming in or coming in at a highly reduced rate.  This is undermining the financial stability of these institutions and threatening their licensing for operation. Thus, the financial industry in running scared of high risk loans in which the investor does have a stake. Still, you might get lucky! Good luck. WB

 
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