How to Buy a Home with No Money Down
For many of us coming up with "the" down payment for a home is
quite a struggle. There are many reasons for this, such as your
income, your family needs, your savings account is well,
non-existent. Not to long ago if you didn't have at least 10
percent down you didn't have a 10th of a percent of buying a
home. As of late it can be a very affordable 5 percent or zero
percent.
Okay now on to how it is done...
So let's say you are a first time buyer (although this also
works if you have already owned a home) and you simply need a
break. You need a way to get into the market without spending a
cent. Its called the No Money Down Mortgage, at least that's
what its called where I live, maybe its called Zero Money Down
where you live but you get the idea. Now here is what is needed :
There are specific qualifications....and yes they are pretty
much in this order.
Read on MacDuff....
1. An A Plus Credit History.
No recent history of any bad debt of any kind, which also
includes all payments for your credit cards or shopping cards
etc, etc. must be paid on time in most recent months.
2. Limited liabilities.
This means something like "Sign here....don't move while we look
into your ENTIRE credit history, but disclosure is not a bad
thing, if your credit is good it will certainly work in your
favour. This is done to make sure you can carry the extra debt.
3. At least 3 years of stable employment.
This needs to be verified on paper by your employer preferably
or some form of financial statements. The employer is much
better in most cases.
Finally. You must be able to carry large monthly payments.
Without a down payment, obviously lenders and the bank want to
make sure you can handle the obligation of larger payments, The
monthly payments may increase from a few to several hundred more
a month but you can buy several styles of home.
This is the program in detail it is widely known and used by
almost all banking institutions for greater details or
understanding I highly suggest you go to your local bank and
have a sit down with your financial advisor, someone you know
and trust.
So in a nutshell, if the down payment is the current problem, it
may no longer be with this program. You no longer need to pay
your landlords mortgage, you can immediately get into a home
with this program if you qualify.
And again, sorry to repeat myself but go and make an appointment
to review this option with your realtor or banker or both. It's
worth taking a look at.
And always ask about mortgage leads...this will get the ball
moving a little faster.
Now go get that house