However, there are some programs--such as VA financing--that does 100% financing. Some states or cities will have special programs--often for certain designated areas--that also eliminate the need for a downpayment.
FHA only requires 3.5%.
Or if the house is offered with owner financing, the owner may be willing to sell without a downpayment.
Check with a lender in your area to see what programs might allow you to buy with no money down. And then keep in mind that owner financing (and some other creative financing techniques) also are possible. For the latter, find a Realtor who specializes in creative financing.
Hope that helps.
There are no money down mortgages available to you. Do you have good credit? Are you a first time home buyer? What community would you like to live in? I can make it happen for you...I have all the information to help you find a home with no money down!
When you are talking generally on â€œmoney downâ€, there are 2 components to that. When you buy a house, you enter into contracts with 2 different entities; a lender and a home seller. You may find 0% down financing which is part of the contract that you have with your lender, however that has no bearing what so ever on the contract that you enter into with the seller of a home. In MA, there are 5 components to a legally binding real estate sales contract and one of those is â€œconsiderationâ€ which is a good faith deposit to hold the property until your mortgage company can close on it. â€œConsiderationâ€ can be anything of value, but the standard of practice is that, that â€œconsiderationâ€ be in the form of money.
A buyerâ€™s agent in your area can tell you what a standard deposit to secure a property is while your mortgage company prepares to close on it and they can prepare your contract to state that that money is returned to you upon closing, or it if you prefer can be applied towards your closing costs. Either way, the money you give to the sellerâ€™s side becomes available to you once the transaction is consummated.
You are going to want to check your area for programs because there are 0 down opportunities available in certain areas; however, these programs are mostly regional. If you are a veteran you can always go VA. I hope this helps. The best advice I can give you is to find a Pro to help you in your area. Have a great day!
Please feel free to call me with any other questions,
Home Savings Bank of America
As the gentlemen before me have stated, there are no money down loans available, but those programs have contingencies.
If I can be of any further assistance, I'm a local Realtor who can refer you to a local Lender who can discuss funding options available to you. I can be reached via email@example.com