How can you buy a home with nothing down?

Question

I see it on telly all the time, but can it be done really mate?

Answer 1

It's done with two loans, there's an 80% loan which is giving to a buyer usually at a good rate depending on your fico. Then there's the 20% loan which can cost you about 2, 3, or 4 % higher than your 80%. It's usually very easy to qualify for these loans if your a first time buyer. If you decide to buy a house, good luck.

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Answer 2

you simply get a 100% loan for the cost of the house.  You can even get a loan that will cover the closing cost.  You will have a higher interest rate and you may have to do an ARM (adjustable rate mortag)  It's very typically with people who do not plan on staying in their homes for more than 5 years.  As long as you have good credit you should be ok.

Answer 3

This is a bit of a trick. You need to find a home that is selling for less than market value say because of a divorce, unemployment, or some such motivated buyer. Once you have the home purchased you need to get a mortgage for more than you paid for the house from a bank or other lender. This takes a lot of knowledge as to house values. etc. but it is possible to do this.