No-money-down programs really do work.
Many people wonder… How do I go about getting one of those no-money-down homes, like I see on the TV advertisements and infomercials? Are they for real?
Yes! They are, indeed, for real! You can purchase a home in any market for no-money-down.
First Time Homeowner Grants
One of the most popular ways, and one which we encourage you to take full advantage of, is with a First Time Homeowner grant. Many non-profit organizations and local or state agencies will offer grants, gifts and down payment assistance to help with the down payment toward purchasing your first home.
If you have never owned a home before, you may qualify for one of these grants. Qualification criteria vary from grant to grant. Sometimes your income must fall below a certain dollar amount, while other programs have no income restrictions. Check local resources and organizations for the types of grants offered in your area.
Piggy-back Loans are equity loans used to fund the down payment of a home and they are quite common. For example, if the first mortgage was covering 80 percent of the purchase price of the home, you might be able to take advantage of a Piggy-Back Loan for the remaining 20 percent of the property purchase price.
Using this no money down method, home buyers are not obligated to pay PMI, which you are required to pay if your mortgage amount exceeds 80% of the property’s assessed value. Because your first mortgage makes up for only 80 percent, PMI is not required, saving you quite a bit of money each month.
If you have great credit, you can get a home with no money down by financing 100 percent of the purchase price with your lender. Lenders may be willing to lend as much as 103 percent of the property’s purchase price (the 3% above purchase price covers closing costs associated with buying the home). One caveat: this avenue is reserved for homebuyers with spotless credit records.
While no money down financing may seem too good to be true, there are resources available which make it possible, and make it easier for many people to own a home.
Finally… You Can Pay Off ALL Your Debts, Including Your Mortgage, In Less Than 10 Years. Even If You Just Got Your Mortgage Yesterday… AND the More Debts You Have the Better!
You can do this without spreading yourself too thin or having to take on a second job, at the same time, clearing your debt.
Here is a tip for you: paying off high interest rate debts first and/or paying more than the minimum payments on several revolving debts may be your SLOWEST option!
We have many unique home buying opportunities that a standard real estate firm would never dream of. Make sure to fill out the form below to review the opportunities we make available.