How To Buy A House with No Money Down

For Home Buyers and Sellers

This video covers how to buy a house with no money down or very little money down. There are many different loan programs out there and I’ll go over some of them to give you a general idea about these options when it comes to how to buy property with no money down. As always, double check and make sure with your realtor and more importantly your lender to see what options are available to you and your particular situation. There are government loans like the popular FHA loan– FHA’s insure the loan in case of default. FHA’s usually have 3.5% down payments and varying closing cost factors. Keep in mind that some states have higher/lower closing costs. With an FHA loan program, you can buy a house with no money down because you are allowed to get the down payment and closings costs as a gift from a relative. You can cover both the down payment and closing costs or one or the other. Sometimes you can get the seller to cover the closing costs as well. If you are a veteran or have VA eligibility, then you can get a VA loan. VA is one of the better options out there if you are a veteran or are in the reserves. VA has a no down payment program and you can get the closing cost money from a 401k, a gift from a relative, or ask the seller to cover it. Another one is Fannie Mae – which has 5% and 3% down programs. In most cases, try not to go for the 3% program because it will usually have a higher interest rate, higher mortgage premiums, etc. With these, you can also use the down payment as a gift from a relative or ask the seller to cover closing costs. In the Tampa bay area, we have something called USDA – we have it in our outlining cities. Go to their website and see if you qualify for USDA eligibility. It is a 100% financing program and it’s offered throughout the country but you have to make sure that it is offered in your area where you are located. I’ve also attached some links that will take you to websites that help with down payment assistance.
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Lance Mohr
Mohr Realty Group at Keller Williams
813-317-4009
http://www.tampa2enjoy.com
http://www.tampabayrealtypros.com