Here’s how it’s possible to purchase a house with little to no money down.
Can you purchase a house with no money down? I’ve recently had someone purchase a $700,000 home with only $1,000 down. How can you do this? We have four methods available:
1. Down payment assistance programs. Some of these programs are federal, others are state. For example, if you have an FHA loan, you typically need 3.5% down. We may be able to get down to 0.5% down.
2. Ask for a seller credit. Ask the seller to credit money towards your down payment and closing costs.
3. Get a lender credit. This would be through your loan. Methods two and three will add to your overall payment.
4. Get a gift from a friend or a family member. While this option isn’t available for everyone, it’s something to keep in mind.
Typically, we end up doing a mix of these methods. If you have any questions about this or any other topic, please call or text me. I’d be happy to answer any questions.