6 creative ways to afford a house
Many times newlyweds, recent graduates, renters do not realize they can buy a home with no money down and sometimes even no closings costs. Yes, it is possible to buy a home with little or no money. In addition to 100% purchase programs consider some of these options.
1.) Investigate local, state, and national down payment assistance programs. Some city and counties offer grants. These programs give loans or grants to cover all or part of your required down payment. National programs from the U.S. Department of Housing and Urban Development (http://www.hud.gov) maybe available.
2.) Get the seller to provide financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you do a mortgage.
3.) Consider a shared-appreciation, or shared equity, arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and thus share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and all maintenance costs, but all investor's names are usually on the mortgage.
4.) Get help from your family. Perhaps a family member will loan you money for the down payment and/or act as a cosigner for the mortgage. Grandma, or grandpa may give you a little help. Lenders often like to have a cosigner if you have little credit history
5.) Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your down payment. And in many cases, owners will apply some of the rental amount toward the purchase price.
6.) See if you can qualify for a short-term second mortgage to give you the money to make a higher down payment. This may be possible if you have a good income and little other debt.
Yes it is possible to buy a Wayne County home, an Oakland county home, Livingston county home with little or no money down. A home of your dreams is possible. Email me to see how I can help you get a Michigan home.
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Quail Hollow Subdivision Plymouth Michigan
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