10 Ways to Buy a Home With Little or No Money Down
There are many ways to buy a home, even if you have little or no money to put down. Here are a few of the basics:
1. Sweat Equity
Sweat Equity is a way to get a home by trading work for equity in the house. This could be used for a down payment or for purchase later.
This is a great technique if you are handy with tools, yard-work, and paint.
Look for fixer-uppers in neighborhoods you are interested in.
Many times these homes will have a hard time selling and the owner is ready for just about any offer. You will find these houses ranging from just needing a little "cosmetic" work like landscaping or painting, to totally trashed out houses in need of some serious renovation. If you are into repairs, this is a great way to get a home for a good deal.
If you are not skilled at repairs and renovation, be careful about fixer-upper homes. They could end up costing you quite a large amount of money to pay others to fix.
I also recommend getting a home inspection so that you know what exactly you are in for before you begin.
2. Seller Carry-Back
Look for a home with an assumable loan.
Instead of buying out the owner's equity, ask the seller to carry back a second mortgage for the rest of the money owed. If you can get the seller to carry all of the rest, you can get the home for no money down.
3. Offer an Object for the Down Payment
Offer something other than cash (land, a car, a boat, or valuable collectibles) to the seller instead of a cash down payment. This is why it is important to listen to sellers.
Find out what they want and need.
Maybe you have (or can get) just what they need. For instance maybe they wanted to use the down-payment to buy an RV and it turns out that you just happen to have one you don't need. Offer that vehicle as a down-payment, and it saves you from coming up with the cash.
4. Offer Services for the Down Payment
Offer your services or expertise to the seller in lieu of a down payment. Some examples include $10,000 worth of auto services if you're a mechanic, dental work if you're a dentist, desktop publishing services if you're a designer, artwork if you're an artist or legal work if you're an attorney.
5.
Foreclosures
Look for foreclosure properties that require little or no down payment. Some lenders and government agencies will let you buy a foreclosure with no down payment if your credit is good and they're anxious to have the home occupied, or if you have skills (carpentry, landscaping or even painting) that you can use to increase the home's value. Distressed properties - assume with little or no down to save foreclosure.
6. VA or Other No Money Down Loans
Look for conventional loan programs such as VA or FHA that require little or nothing down.
VA loans have helps countless veterans get into their homes.
There are often programs available to first time buyers or people who are distressed (such as with Hurricane Katrina) that will help people get into a home with little money down.
You usually will have to qualify for the loan with the bank, though.
7. Find an Investment Partner for Equity Sharing
Look for an investment partner who'll put up some or all of the cash in an equity-sharing partnership. You make the monthly payments and the two of you split the eventual resale profits.
8. Wrap-Around Financing
Wrap-around financing is where you assume a seller's VA Loan by doing a new Contract for Deed.
Since this contract is flexible and does not have to follow the old loan, you can ask the seller to carry not only the loan amount, but the rest of the purchase price of the house, letting you get in with little or no money down.
9. Rent-to-Own or Lease-Option
This is really is one of the best ways to get into a home of your own when you can't get a bank loan.
Remember that you may still have to get a loan down the line.
If you have a lease-option for 5 years, at the end of that time, you will need to purchase the house, so you can use the time to fix your credit, or use one of the other options that are discussed in our book to purchase the house at that time. You can always try to negotiate another 5-year lease-option if you need more time.
(For more detailed infomation on lease-options, check out our free ebook, "Buying a Home When You Have Bad Credit" at http://I-can-buy.com.)
10.
Government and Community Down-payment Programs
There are many community and non-profit organization programs out there to help people get into homes of their own. Many of these do no require any money down.
There are some organizations and programs that will pay for some or all of the down payment for you. Generally these are for lower to moderate-income individuals, but these days that includes a lot of people.
You also usually have to be able to qualify for an FHA loan (which is somewhat easier than a conventional bank loan.) If you have been unable to get into a home because you don't have enough money for a down payment, then maybe one of these programs will be for you. For a list of organizations visit our website, linked below. Also check in your local area, because many communities have similar programs of their own..
This has been an excerpt of the FREE ebook by Alex Dey called "Buying a Home When You Have Bad Credit". Copyright ? 2005-2006 Mohave Publishing. All rights reserved.If you would like to own your own home but have bad credit, visithttp://I-can-buy.com to find out how you can buy a house, even if your credit is terrible.
Check out the FREE real estate ebook "Buying a Home When You Have Bad Credit" found only at http://I-can-buy.com today!
This article may be freely copied as long as it is not modified and this resource box accompanies the article, together with working hyperlinks.
Real Estate Leader & Author Inspires $25 Million Donation to Charities
Provo, UT (ContentDesk) February 1, 2006 -- Robert Allen has inspired his students to give $25 million to charities in an effort to make a difference.
Almost $19 million has already been gifted to 2,133 charities, with donations as large as $154,000 to one charity. The gifts have benefited charities such as individual churches, schools, the American Red Cross, Childrens Hunger Fund, The Salvation Army, American Cancer Society, Cystic Fibrosis Foundation, Boy Scouts, and environmental wildlife and conservation charities to name a few. These Millionaire Hall of Fame students from the Enlightened Millionaire Institute have committed to the Institutes give it forward today - GIFT philosophy and were particularly touched by Robert Bob Allens GIFT guidelines of success.
One student explained, This donation marks the turning point for me personally from donating with a Whats in it for me mentality to a Whats in it for thee mentality.
Thank you Bob ....
Real Estate Leader & Author Inspires $25 Million Donation to Charities
Student loans > Real Estate Leader & Author Inspires $25 Million Donation to Charities
Robbins-Gioia Renews Partnership with Learn.com and Highlights a 50% Increase in Student Enrollments Using LearnCenter
Sunrise, FL (ContentDesk) July 15, 2006 -- Learn.com?, the leader in creating and projecting power-on-demand today announced that Robbins-Gioia LLC, the leader in program management consulting, has extended and expanded its partnership with the company to include both the LearnCenter Learning and Performance Management Suite and Mentor? EPSS. LearnCenter and Mentor have revolutionized the way Robbins-Gioia delivers training and our success is demonstrated by a 50% increase in employee enrollments, said Ann Sachs, Manager of Robbins-Gioia University.
Using the LearnCenter, Robbins-Gioia University offers online self-registration for all training and provides...
Student loans > Robbins-Gioia Renews Partnership with Learn.com and Highlights a 50% Increase in Student Enrollments Using LearnCenter
Animated Screensavers
Animated Screensavers can be very entertaining to watch, and if they are accompanied by an interesting music score, they can actually take the user's mind off work. Usually, animations coded in Flash, which is a software application, are converted into screensavers. Children love Animated Screensavers with their favorite cartoon characters. They also like animations derived from their favorite movies and television shows. Animated Screensavers add a touch of humor to their surroundings, especially when users work in high-pressure jobs.
People working in creative fields, such as advertising and graphic designing, and students in different stages of education tend to choose Animated Screensavers.
Advertising professionals and graphic artists are inclined to choose animated ones because their jobs involve communicating precise messages in a short span of time. It is no surprise, therefore, that animations with messages appeal to them the most. Sometimes, these also trigger...
Animated Screensavers
Student loans > Animated Screensavers
HOW TO RAISE $250,00 IN 24 HOURS
Many people have had opportunities presented to themwhere quick cash was necessary. However, most people are unable to take advantage of these great opportuni-ties because they lack the money or access to sufficient money.A simple procedure is available whereby you can generatecash within 24 hours. The process is easy and quick andrequires that you first make the preparation and lay thegroundwork for the plan.We call this the Round Robin Technique. We graciously acknowledge Mark Haroldson for disclosing this techniqueto us back in the 70's for Real Estate Investing. Here is how it works.Go to ten banks and tell the loan officer at each bankyou want to borrow $1000 for 30 days.
If they do not want to do this based on your signature alone, tell themyou wish to borrow the amount and then make a Certificateof Deposit in their bank for the same amount. At the endof the 30 days, use the CD's to pay off your loans.Then wait 30 to 60 days and go back to each bank from which you borrowed...
HOW TO RAISE $250,00 IN 24 HOURS
Student loans > HOW TO RAISE $250,00 IN 24 HOURS