How Can I Buy A House With No Money Down?
AMER AWAD | 10-MINUTE READ
FEBRUARY 25, 2022
Buying a house is one of the biggest investment anyone can have. I this article, I will show you ways on how you can save money on your down payment and closing costs.
Once done reading, you will be able to go into any house with as low as no money down and save the money you have on hand for doing some fixing or buy appliances.
No Money Or Zero Down Mortgage
Many home buyers dream of owning a house with a small down payment to keep enough funds in the bank to do upgrades to the newly purchased home. What if there are several programs designed for future homeowners that not only have a low down payment but require absolutely no down payment?
Well, there are several options for buyers who either don’t have the funds available for the down payment or would like to save their capital to spend on upgrades. There are many ways in which borrowers can minimize their down payment down to zero and here are the ways you can do the same.
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What is a Zero Down Mortgage?
Many lenders used to require the borrower to have some down payment, whether the down payment is 20%, 10%, or even just 3%. A down payment was required. Countless individuals think the only way to get a mortgage in today’s real estate market is by having a down payment of 10% – 20%, even more in some cases, when it is not the case anymore. Individuals are no longer required to save $30,000 – $50,000 for a down payment.
You can avoid months and even years of saving for a down payment on the property of your dreams without fear of losing the property to someone who has spent years saving 20%. Not only that, due to not paying a down payment, you will also have more cash on hand to help with renovations, furnishings and moving costs.
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How to Get Qualified for a Zero Down Mortgage?
When it comes to mortgages, there are hundreds of lenders and different programs, all designed to help borrowers purchase a property with little to no money down. Some programs are designed for certain industries as well.
Due to the nature of mortgages, our loan officers at Best Mortgage will review each borrower on a case-by-case basis, as each borrower is a unique case with their own qualifications, credit score and financial history.
Right now is the best time to qualify for a zero down mortgage and purchase the home of your dreams. Borrowers can purchase a home without having to wait years to save the down payment when Best Mortgage is able to get you preapproved in as little as 30 minutes with the best interest rate you can get.
Zero down mortgages are still available to borrowers in any market and Best Mortgage has never made it easier to qualify for a zero down mortgage.
No Money Down Mortgage will still require you to pay closing costs like title fees, origination fees and mortgage insurance. An EMD (earnest money deposit) may also still be required to show the seller that you are a serious buyer. But don’t worry, also these expenses can also still be waived. Contact us now to find out how!
What Are The Strategies To Obtain A No Money Down Mortgage?
Below are some of the strategies that would help you obtain a mortgage with zero money down:
- If you are a Veteran or active duty, you might be qualified for 100% financing.
- Check with us to see if you are eligible for a USDA Loan
- Ask your lender to pay your closing costs. It’s called “Lender Credits”
- Ask the seller to pay your closing costs, which is “Seller Concessions”
- Apply for a down payment assistant program to cover down payment
- Receiving a gift from a family member
Using any of these options you have, you could go in a house with as little as zero money down or at least cover your down payment and then all you will need to pay for is the closing costs. If you are approved for a zero down financing, you will be saving thousands of dollars.
You Still Have Questions or Want to Find out More?
At Best Mortgage, we always strive to give our borrowers the best solutions with our extensive network of lenders and devoted loan officers. We make the application process as easy as possible and our team is dedicated to helping our borrowers in achieving their dream of homeownership. Our loan officers are always ready to help you navigate the mortgage preapproval process. For more information call (734) 519-1827.