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Is there a way to buy a home with no money down?

And i'm referring to people with not so good credit. I don't expect a mansion,just a single family home. I don't want to go beyond my means. Any advice or knowledge of 1st time home buyers would be appreciated.

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pinkclover

Asked by pinkclover at 10:14 AM on Jan. 20, 2009 in Home & Garden

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Answers (6)
  • There is a website that has Hud homes and you can choose ones in your area and they only require $100 down payment. The only thing is the home is sold "As Is", That may not be a bad thing but then again it could be, you can get an inspection and you can still walk away from the deal if the inpection comes back where there is too much to repair. They will ask for you to put down $1k Ernest $ and you will get $900 back at closing. If you have any other questions please ask me. We just bought a home this way and we have had great success w/ it.
    The web site it.........http://www.hud.gov/homes/
    Good Luck!
    married_678

    Answer by married_678 at 12:05 PM on Jan. 20, 2009

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  • Im in the same boat. In ohio.. most places we've checked require at least 3% down. We haven't tried to get approved for houses though yet but we have really good credit. I don't know how it would be with not so good. i would call around. I talked to one guy who said they quit doing the first time home owners loan which was 0 down. But i talked to someone else who didn't know what they were talking about LOL so i don't know
    krazyash023

    Answer by krazyash023 at 10:16 AM on Jan. 20, 2009

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  • Not unless you are in an area that is approved for USDA rural housing...http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

    They have income limitations as well are approved areas...Good luck or send me a msg if you have any more questions.
    mamakirs

    Answer by mamakirs at 10:18 AM on Jan. 20, 2009

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  • Good Luck!

    My husband & I both gave good credit, he makes good money, we already have 3 acres w/ 3 mobile homes -- all together (sharing property lines) paid for & want to buy the home next door to us for $30k LESS than it's value.

    We STILL have to come up with a cash down payment.
    Laura1229

    Answer by Laura1229 at 10:44 AM on Jan. 20, 2009

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  • Laura;
    Investment properties are always a higher risk for the banks..so yeah have to have cash down. You could always talk to the owner(s) and see if they would be willing to do a seller carried contract with you???? Or maybe take some equity out on your property for the down?? Just a couple thoughts. Best of luck
    mamakirs

    Answer by mamakirs at 11:08 AM on Jan. 20, 2009

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  • not sure what the market is now but my husband and i got a reo owned home which is similar to a bank owned. our credit is not that great. i would say mine wa better then my husbands but i didn't work or make that much so we had to use his income. i'm not sure how we got approved. so that might make you more hopeful. i would make sure you get a lender that looks out for your best interest. ours did. we payed the $1000.00 earnest money and then got a bond for the closing and also with the bond was able to get more home warranty. the total in cash to move in was the earnest money. some states offer bond programs and your lender should be able to find them. at least get pre-approved.our house is 2400 sq ft for 130k with 30 k equity
    melody77

    Answer by melody77 at 1:43 PM on Jan. 20, 2009

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