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Patrick L. W…, Real Estate Pro in 42754

What is the best option for buying a home with little or no money down.?

Asked by Patrick L. Willis, 42754 Mon Apr 9, 2012

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There are options for those who do not have or don't want to put money down on a home purchase. My advise is to first carefully consider whether buying a home is right for you at this point in time. Having the ability to put money down is a strong indicator that you are indeed ready to buy, however it is not the only indicator. If you are able to regularly paying rent and have a good credit score you may indeed be ready to be a home owner. Fact is, in most cases buying costs about the same as rent however, you can gain equity as a home owner and eventually freedom from that monthly payment.
The other folks who chimed in are absolutely correct in their assessment of FHA, VA and don't forget some of the great KHC and Rural Housing loans as well. Bottom line if you are ready to be a home owner, there are some very good options available to you.
0 votes Thank Flag Link Mon Apr 9, 2012
Best option for most people is FHA. Another possibility is some variant of creative financing, ranging from owner financing to a lease-option.
0 votes Thank Flag Link Mon Apr 9, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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FHA mortgages require %3.5 down. Veterans can also obtain VA mortgages with no money down. For more details you can contact a mortgage consultant who will be able to give you more information and answer questions that are specific to your situation. Good luck.
0 votes Thank Flag Link Mon Apr 9, 2012
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