Is buying a home or real estate with no money down possable, or a scam, and if not, how can i do it?
Answers:
Yes it is... but you definitely need good credit.
There are programs from the Federal Govt. that will help first-time homebuyers. Check this website out: http://www.fha.gov
FHA loans are the way to go to get into home ownership.
yes it is i first depends on your credit. my uncle has done this stuff you see on TV however it doesn't work like they say it does it takes a lot of work to flip a house and for you to make a profit you have to do all the work the way its done is called phony money usually you need a crooked morgate broker but yes it does. and you need to look at foreclosure properties
buying a home w/ no money down is very possible. You need a credit score about about 650 or better. that is, a "mid score", & of course you need to qualify with income, but not really much different than if you did have 20% to put down.
A lender will want to see that your "debt to income ratio" qualifies, usually no more than 44%, meaning, what you make each month to what you have to spend for your bills is no more than 44% of your income.
You need to talk to a lender. If you can't find a good one, then ask a Realtor to refer to one. Tell the lender what you want to try. Let the lender run your credit. Then you'll know if it's possible.
It is very much possible to buy a home or real estate with no money down but as it has already been mention it doesn't apply to everyone. I'm mortgage consultant and I have worked some miracles in my experience with getting this accomplished but not everyone that comes into my office is going to get approved for 100% financing.
One of the things that a lender looks at is your Fico score which is the middle of the three scores you receive from experian, equifax, and transunion.
then there's your debt to income.
Even with good credit if you're knee high in bills and there's no breathing room for a mortgage chances are you're not going to get approved.
Example: if you make 3000 a month and your debt is over 1500. Your debt to income ratio is over 50% and most lenders in today's market stop between 45-55% DTI.
If you would like to find out more information about how to purchase a home with no money down or possibly be prequalified for a mortgage. I'll send you over some literacture via email.
If you're thinking about flipping properties. Don't believe these so called real estate guru's who try to get you to believe that you can actually get rich by purchasing property and flipping it without ever using you're own money.
Now that's a scam! Any honest investor will tell you you're going to need some source of money to make riches in real estate.
It's not a scam and if you are motivated to buy and have decent credit and a good work history you should have no problems.
Their are specialty loans like VA or FHA. I bought my first house with a VA loan. It worked out great, with a low interest rate, plus I didn't have to pay mortgage insurance for having less than 20% down. There is a 2% funding fee though.
Here's another one, you can finance the down payment. It's called a piggy back loan (two loans 80/20) and is usually a little higher interest rate (blended) then a conventional loan.
Go to bankrate.com and you can compare loans. Or just go to a local lending institution/bank and ask. You would be surprised.
In particular it's real easy if you have a great paying job and really good credit. They will finance over 100%!
Good Luck
it's possible to buy a home with no money down, but it's not always an easy task. everybody's situation is different, where credit does play the most important part, there are ways to accomplish this regardless of credit or income. i found some great no money down techniques for just about every situation.
http://timboson.blogspot.com/
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