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.

So why have so many real estate companies told them this?

Quite honestly, it's because selling homes to people with 10 or 20 percent down is easier than selling homes to people who have little or no money for a down payment. Most real estate sales people would rather go after the "easy sale" than try to help people who have special needs.

As a By Referral Only Real Estate Consultant, my mission is clear: To Help People. That's why we've created this special report and provided it to you with no obligation.

This report is specially 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, Little or No Closing Costs. Buyer Profile:

1. Good income ($60k or more).

2. Excellent credit.

3. Little or no savings for a down payment and closing costs.

If this describes your situation then this program probably is for you.

Option 2: 100% No Down Payment Programs.

These programs require you as the buyer to pay ordinary closing costs. Borrower 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 requires lower credit scores than the 103% financing option.

Option 3: Non-Profit Assistance Programs. These are the first time homebuyer loan programs that you may have heard about.

Program Description: There 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.

Borrower 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 is an option. Buyer Profile:

1. Good income ($60k or more).

2. Average credit.

3. Buyer has money for a down payment, but not closing costs.

Option 5: FHA Loans

Program Description: Although this isn't a "No Money Down" option, the FHA 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 from 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 (3% on average).

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 qualify them for the loan. You then 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? Contact us by phone (817-454-3641) or by e-mail LoanOptions@HatLadyRealEstate.com for information on the home loan companies which we recommend for each situation. This FREE, no obligation, referral will help you determine which option is best for you and what your next step should be in owning your own home.

This free report is provided to you by Lynnette Wallace, Your Hat Lady in Real Estate and Help U Buy Realty. For more information, please call 817-454-3641 or e-mail HatLady@HatLadyRealEstate.com.