Home Buying in New York>Question Details

478800361, Home Buyer in New York, NY

i want a house,but i do not have money

Asked by 478800361, New York, NY Thu Nov 28, 2013

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13
Then rent .
2 votes Thank Flag Link Fri Nov 29, 2013
and I want to wear a bikini, but I don't have the body............... (anymore, anyway)


seriously - you need to come up with a plan.....I suppose with a strict diet and exercise program, I could reach my goal, too.........(well, maybe that's reaching a bit at my age!).....but I have to ask.........

Do you have a job?
Are you able to save money?

If the answers to the 2 above questions are "No and No"....then you need to rethink your goals and come up with a plan..

If the answers are "yes and yes'., you still need to come up with a plan to make your goal of owning a home possible.

Start by with speaking to a mortgage rep. who can help you analyze your current situation

Best wishes.......
2 votes Thank Flag Link Thu Nov 28, 2013
There are lots of people who want want things they cannot afford and there are an equal number of people prepared to take advantage of them. When I read the answers below trust me those suggesting that contact them to "rent to own" fall into the latter category.

Pay attention to what I'm telling you, in 35 years as an active Realtor/Investor/Flipper etc I have never once met a single person who actually successfully and fairly rented to won. Not one, ever. Rent to own only comes in two flavors: 1- the seller cannot sell the property, they've tried for years and no one wants it for any number of reasons and so in their desperation they decide to offer it rent to own. 2- Sellers are extremely savvy and make money preying on less savvy buyers. These sellers never intend for you to own the home, their simply looking to take advantage of you.

Remember, "A Fool and His Money are soon Parted"

I absolutely understand your desire to own your own home, I believe it's a natural desire for the vast majority of people, however if you have no money you need to be realistic, even if you could somehow "buy a home" how would you afford to maintain it?

What you need to do is focus on earning money and saving it. This isn't always easy, it can mean giving up lots of things you may enjoy for a period of time, and working harder than you ever have. Do you have cable TV? You can do without. Do you buy coffee at coffee shops? Make your own and stop paying $2-$3 a cup. Go out for drinks with friends? Stop. There are literally dozens of ways most people spend money that's not necessary. It won't be easy; but it can be done,. Build up some money in the bank and work on getting your credit scores up, If you really focus for a year or two I believe you will be surprised at how much money you can set aside.

Lastly look to join a Credit Union, there are still some out there that do offer 100% financing to qualified buyers and unlike those suggesting you call them to rent to won, your Credit Union isn't looking to screw you.
1 vote Thank Flag Link Sun Dec 1, 2013
Great, detailed post Larry, and I totally agree with you.
Tom, you may be the exception, but you're certainly not the rule, and I am sure you know that! Your tenant also wasn't the typical tenant one finds looking for this type of sale....she had a good job and good CREDIT - that is not the prototype of most of the consumers here, online. Most , like this one, have "no money" and probably low credit......they are desperate to own a home, and many don't understand what the pitfalls are in these rent/option deals. Too risky for them.
Flag Sun Dec 1, 2013
Hey Larry, you can modify your statement. Now you know someone. ME! I've done it twice. Once was a home I lived in and the other was a fixer that a friend and I bought. The reason I did it with the home I had lived in was that we were in a down market and buyers were few. There was no desire to take advantage of anyone as you imply. In fact, it was mutually advantageous for both of us.He wanted to buy but didn't have adequate funds for down payment and I had found another home I wanted. Similar situation on the other property. Our renter had good credit and a steady long term job but no down payment. This allowed her to accrue funds for the down payment and she bought the place about 3 years from the initial lease. So you MAY be right that many people are looking to take advantage of someone but just because you never knew anyone who effectively used this doesn't mean it can't work.
Flag Sun Dec 1, 2013
I want to go on an around-the world cruise, but I do not have the money.

Delay your objective while you save the money. Or use a creative financing technique.
1 vote Thank Flag Link Thu Nov 28, 2013
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Good luck. The days of buying with no money are long gone. Maybe you can find a rent to own deal somewhere but you will obviously still need rent money.
1 vote Thank Flag Link Thu Nov 28, 2013
Rent! That's your solution!
Flag Fri Nov 29, 2013
pay attention to the following words used by the person below:

"once you exercise your option to buy."

"ONCE"?? he means "IF"..........

the flip side of that, and the most likely scenario is....you CANNOT exercise your option to buy (meaning, you don't qualify for a loan for whatever reason)....in that case you LOSE ALL your upfront money, and the amount of rent over and above the USUAL rent you have paid in.

Be wary of a stranger calling you "my friend" !
They are not your friend if they are putting you at risk of losing money.

Talk to a mortgage rep.........make a plan to reach your goal.
0 votes Thank Flag Link Sat Nov 30, 2013
Found myself in the same predicament years back, funny! Now I own one...

I am suggesting rent to own, and finding an experienced real estate broker or investor to help you out with this. Assuming you don't have a house, and assuming you live somewhere, whether in an apartment or just renting a house, I will also assume you pay monthly rent...

Figure out your budget and rent to own. Renting to own can get you into the house you want to purchase, faster. Sure, you aren't buying upfront, but you do get to sort of "test" out the property, and a percentage of the rent you pay on it goes towards the down payment on your home once you exercise your option to buy. So, my friend, buying a house with "no money" is possible, so to speak. Just make sure you are working on good credit in the meantime so you qualify that loan when the time to buy rolls around... you and the seller agree on a certain number of years you get to live in the home just renting before you must exercise your option to buy. Finding an investor means finding the best deal for you, faster, and they have experience arranging mortgages and all of the finer details so that you don't have to develop a headache over the technical aspects of everything.

So, assuming again you just rent right now and would love to figure out how to buy a home faster, check out the website of the investors I used and fill out the interested buyer form here: http://www.rent-to-own-homes.biz/rent-to-own-buyers/join-our…

Oh, and good luck to you!
0 votes Thank Flag Link Sat Nov 30, 2013
Hi, Regardless to how much money you lack, I understand your desire to own a property standing right where you are, moneyless. I am more than a realor, I am an investor. I have no money and partnership options that will roll you imto your 1st deal successfully. Please call me at 917-474-2060 or email me tamurrasul@gmail.com so that I can walk you step by step with your blueprint to owning your first home and many beyond, if you so desire. Best
Ta'mur
0 votes Thank Flag Link Fri Nov 29, 2013
Unclear do you not have money down, enough in reserve, unemployed, etc.; consider saving up a bit, FHA loans only require 3.5% and most lenders prefer a 640 credit score, however there may be some lenders willing to work with less.
0 votes Thank Flag Link Fri Nov 29, 2013
There are some loan options with no money down. Contact a local lender or mortgage broker to discuss your financial situation and explore your options.

Tammy Hayes, Realtor
Re/Max Palm Realty
http://www.tammyhayes.remaxagent.com/
0 votes Thank Flag Link Fri Nov 29, 2013
It is refreshing to see so many peers providing frank and candid responses. Isn't it great when we can back away from 'realtoreese"?
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Got Nothing in New York,
The free enterprises systems REQUIRES the exchance of goods and services for other goods and services. This is the wrong country to come the the table with nothing. (some exceptions apply)
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The property available to you will depend on your resources.
If you have no resources, you must make sure you do nothing to jepordise your current living situation.
In the meantime, you need to get yourself QUALIFIED to be a homeowner.
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Without exception, folks like yourself, on their way to becoming a homeonwer, will be tempted to circumvent the process and acquire property without financial qualification. From such temptations you willl find ALL ROADS LEAD TO BECOMING CREDIT WORTHY! Some won't realize this until they have lost 15, 20, 30 THOUSAND dollars......and they are back to NOTHING.
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Don't attempt to circumvent the process in place to PROTECT you. It will prove costly.
FIx your credit. Make timely payments. Live below your means. SAVE money. Increase your income.

Best Regards,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
Move to the Front of the Line
(http://FirstLookHomes.us)
0 votes Thank Flag Link Fri Nov 29, 2013
You will need to save, maintain a credit score of at least 640, and keep your debt to a minimum for starters. Speak with a loan officer to see where you stand today and build from there for the future.
0 votes Thank Flag Link Thu Nov 28, 2013
Only VA loans & some possibility of USDA loans in rural areas are possible with little or not down payment, sorry Allan
0 votes Thank Flag Link Thu Nov 28, 2013
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