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Home > Home Buying Tips > Buy a House With No Money Down

Buy a House With No Money Down


Beware: The current subprime loan woes has rendered home buying with no money down almost impossible in the current market situation now. As such, the information below may not be accurate anymore. Please read with caution!

Buying a home is one of the smartest financial moves a person can make. A house provides much more than just a roof over your head; it can be a great investment and a major source of wealth over the years. Home prices have been rising steadily for many years, regardless of the overall direction of the economy at large.

While buying a home has always been a good financial decision, it is becoming harder and harder for buyers today to scrape together the thousands or tens of thousands of dollars it takes to put a down payment on the home of their dreams. With the median home price now exceeding $180,000, a 20% down payment amounts to a staggering $36,000. It is no secret that few people have that kind of cash laying around to provide a down payment. So, how do you buy a house with no money down?

Fortunately there are programs available that help first time home buyers and others to purchase a home with little or even no money down. Many lenders are taking advantage of the seemingly endless rate of home appreciation to write mortgage loans for 90%, 95% or even 100% of the assessed value of the home to be purchased.

There are also a number of specialty mortgage vehicles available to the buyer who does not have a down payment to offer. There are interest only loans that allow the home buyer to pay only the interest on the loan for a period of time. There are variable rate and adjustable rate mortgages that allow the buyer to put only a small amount down, or sometimes nothing at all.

There are also programs that allow the buyer to take out a mortgage, and then turn around and take out a second mortgage to cover the cost of the down payment. Some of these programs are riskier than others, but they do allow the buyer to buy a house with no money down.

Other popular ways in which eligible home buyers can get into the home of their dreams for little or no money down include owner financing, VA loans, lease/purchase agreements, and federal, state and local loan programs.

A real estate agent who is well versed in these state, federal and local loan programs can help the potential home buyer to find the programs for which he or she is qualified. Many states and municipalities have programs in place that encourage renters to become homeowners, and these programs often include help with the down payment. Depending on your income and your location, you may be eligible for a grant to cover the down payment on the home. Your real estate agent can help you complete the forms you may need to apply for these great programs.

The bottom line is this: it is possible to buy a house with no money down! Do not let the lack of a home down payment keep you from making one of the most important financial investments of your life. A home of your own is a major asset, and one that appreciates year after year.


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