Category Archives: Housing Market
Buying a house with no money down is possible for many people, and there are a number of options that can help you manage this. Real estate investing has become very popular, and many individuals purchase homes each year. With a zero down payment the rate paid will be higher, but if you have excellent credit then this is not a problem as far as approval is concerned. A land contract may also be arranged between the buyer and seller
1. Purchase With a Land Contract- One of the top steps to buying a house without using a realtor is to use a land contract. This is a private contract between the buyer and seller, and it outlines all of the relevant information and terms of the sale.
2. Assume An Existing Mortgage- If you are interested in buying a house with no money down, and do not want to use a Realtor, then it may be possible to assume an existing mortgage.
1. A Bigger Down Payment- Buying a house after foreclosure usually means outrageous mortgage interest rates, but one of the biggest secrets to getting a good rate is to put down a larger down payment amount. There are free foreclosure listings websites that can help with lower costs, and a larger down payment will usually mean a lower interest rate as well.
1. Not allowing sufficient time to secure funding- Buying a house on contract is common today, in part because it is difficult to secure a loan. One of the biggest mistakes made in the steps to buying a house using a contract is a failure by the buyer to allow enough time to secure funding, which can cause the deal to fall through.
1. A Professional Home Inspection- Any buying a house checklist should include a professional home inspection. You want to make sure that there are no hidden defects or required repairs on the home before you make the purchase, and a professional home inspection can do this.
2. The Down Payment Amount- One of the first steps to buying a house is coming up with the down payment required, and this amount can vary significantly.