In this video I go over 4 ways to buy a house with NO money down. If you are looking to buy a house with no money or little money down one of these programs should work.
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The most asked about question most real estate agents get from the client is how to buy a house with no money down. How to buy a house with no money own or very little down. These 4 different loan programs will give you an idea of the options. So let's start off with the government loans. Everybody has heard of an FHA loan which is a department in HUD (Housing in Urban Development). FHA stands for Federal Housing Administration which they are guaranteeing the loan in case of default. The second one is VA. Now if you've been a veteran or have VA eligibility, you've been in the reserves, then you could get a VA loan. FHA is probably the most popular. FHA is a formula, but it's about 3 1/2% down. That's the down payment for FHA. And then you have the closing cost, and again, this could vary on a lot of different factors.
The second one is the VA. VA, probably hands-down is for no down payment and even no closing costs. It's certainly one of the better options out there. If you are a veteran or been in the reserves and you have the eligibility because a VA Loan program actually has a no down payment program. There is no down payment and then you have your closing cost, but again, you could get it from a gift from a relative and you could ask the seller to pay the closing cost. So there's a lot of different avenues that you could go on that.
Another one is, when most people talk Fannie Mae, you have Fannie Mae or Freddie Mac, but most lending institutions use a conventional loan and is generally just underwritten under Fannie Mae. Now Fannie Mae does have a 5% down and 3% downpayment program in most cases. You could get into this with your lender because it all depends on your particular case, but in most cases, you don't want to go with the 3% because it's just going to be higher interest rate, much higher mortgage insurance premium. They have a 5% and you could even get that money and the 3% for that matter, you could even get that money as a gift from a relative then you have on the closing cost the seller pay it.
We have something called the USDA. This is more for the rural areas, but it doesn't necessarily mean you are really in a rural area or very far away. We have it in some of our outlining cities and you could go to their website and see if you’re are eligible or not. It's 100% financing program and then you could have the seller pay for your closing cost if you want. They have it throughout the country.
There many of down payment programs in the US but the drawback is most people don’t know about and almost all don’t know where to start. You have to be cautious and you have to do a little bit of your own research. If you're using a bank, always try to use a loan officer that's local and of course, always try to use a real estate agent that knows what they're doing but that's the basics on the different loan programs. Overall, a VA loan is best if you qualify for one. If you aren't a veteran but have decent credit, a conventional loan is naturally a better choice than an FHA loan. And an FHA loan means that you don't need an exceptional credit or much money upfront, so if you can't qualify for any of the other choices, it may be your best bet. Of course, don't forget to check with banks in your area to see what they offer.
The bottom line is that even if you don't have tons of cash in the bank, there are several choices available to help you become a homeowner, so don't let a lack of funds keep you from buying your dream home.
Please contact me if you have any questions about buying a home with no money down.
Links you can use:
Fannie Mae: http://www.fanniemae.com/portal/index.html
Mohr Home Group at Keller Williams
Hi so me and my husband are first time home buyers. We really want to move out of his parents place but we don’t want to go wasting our money in an apartment that we will never own. We’re even going to look at houses this weekend with a realtor. But the problem is we only have 3,000 saved so far but we are looking at 250k houses. so even a 3.5% down payment is at least 8 thousand plus closing costs. What would you recommend us to do? Ask our parents for money, go with a FHA? Our credit scores are great we both have 730 and make a good income.but without enough money for the down payment is the only thing holding us back from buying a house NOW. What would be the quickest way in our situation? pleas give me your opinions on different options. Thank you ❤️
I love your videos! Very knowledgeable and great information for anyone in the home buying process! Thank you so much! Your videos are very professional and are currently helping my husband and I, in navigating through this exciting and important time in our lives.
Hey my man Lance you forgot about the use of Gift of Equity. If you're buying a property from a relative or land lord in which you have an established relationship. VA loans block out any one whom hasn't served in the military and still closing cost could apply. And USDA loans blocks out most middle class and up families due to income restraints. And there are no caps on percentage when applying it to down payments and closing cost. And if applied right you can get out of PMI.
Ok so i have 25,000 if i were to go to builder and tell him i want to buy a house would they be able to stretch out the buying process a few months maybe 4-6 months so that i can come up with the rest of the money ? Or would i have to have all of the down payment up front i would be putting 50,000 all together.
+Lance Mohr okay so i have to have the full down payment ? Or is there any way around it?, also another question can i remove pmi from a conventional loan if i dont put down 20%? Like once it reaches 20% equity ?
Hmm, I was hoping to buy a home and could easily afford one but I didnt fit into any of the formulas sadly. I could afford it under my own income, but I also wanted to rent out the spare rooms, which is easily and high return in my area, but that isnt countable in loans. I wish loans didnt have to fit such strict formulas these days. Just because banks made stupid decisions in the past, we all have to pay. Sigh...
I will have to wait until the end of this year to get one now but I shouldnt have a problem then, but for now I am in an unhappy living situation trying to find an alternative, which will likely be renting with others for another 8 months or sticking to this place for 8 months, sigh...
I was considering getting into real estate investing by investing in my home state where it is so cheap that I can do so for only $100,000-200k but then my 2 credit unions say I need 20% down no matter what, didnt seem to give me alts when I asked, so I am still looking at my options there, to know all about the market before talking to a realtor so I know what to expect and questions to ask.
So sign a contract to be in the military for 8 years (which by the time you get to be a civi, why wouldn't you have a down payment if not buy a home outright?), have rich family members that can buy your way into your first home, or have the down payment, which completely defeats the idea of no down payment. That was useful.
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About the authors.
Dr. Ralph-Christian Ohr has been working in several innovation, division and product management functions for international, technology-based companies. His interest is aimed at organizational and personal capabilities for high innovation performance. He authors the Integrative Innovation Blog.
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