Lenders will give you all the rope you need to hang yourself, ultimately it's up to each and everyone of us to make smart decisions and buying a home with no money down is going to cost you in terms of the loan terms you get as well as in your monthly payment. It also sets you up should you have a financial hiccup (which we all do at one point or another ) to lose your house and ruin your credit for many years.
Start saving, it requires giving up things now that you may enjoy and/or perhaps taking on a second part time job, but if you really focus you'll be amazed at how much you could save in 6-12 months.
CFS Mortgage - http://www.cfs203k.com
You can also borrow against something you already own, a car, furniture, etc. I have often seen buyers borrow from their retirement account. If you borrow the down payment or closing cost the loan must be secured by something and the underwriter may ask for proof of value on the item used as security, blue book on a car for example, good luck,
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Buying a home with no money down is the fastest way I know of creating stress and causing financial disaster. I know that saving up thousands of dollars is hard but if you can't do it now without a house, imagine how difficult it's going to be with a mortgage.
There's a reason so many people have lost their homes over the past 5 years and it's because they were over extended financially. and buying a home with basically no money down is the essence of over extending yourself.
I encourage you to think long and hard about this; before getting in over your head.
Regardless of your decision; I wish you all the best.
You have a big decision ahead of you with many questions. Make sure to check out our free Video Blogs all about buying in Hawaii. The Video blogs will cover much of the information you need to know in order to get started and the HD video tours will take you inside many homes so you can get a sense for value and location.
Here is our special page dedicated to Hawaii's newest homes owners. Hawaii is a special place and every purchase of a home is special to us. We hope you will choose us to answer all your questions about buying a home.
David Nash (RA) Epro
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