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Here are Ways to BUY a home with $0 Down
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One of the first ever of such programs is more flexible today than ever before! Available to most vets as well as active duty and reserve military. Even the buyers' portion of closing costs can be included in the new loan.
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This is a cross between renting and buying. I had a friend who wanted to buy a home from an older couple who wanted to sell to him. He was new to the area and could not qualify nor did he have a down payment! I suggested this method in which a portion of the monthly rent payment was credited towards the down payment. The contract did not allow the landlord to sell to anyone while the agreement was in effect, which turned out to be 10 years! At the end of the time, my friend closed with over $20,000 down which had accumulated over the 10 years! Another benefit was the price was " Locked " at the original date of the agreement and my friend had several hundred thousand in equity when he finally closed! The monthly rental payment must be over the average rental price for the area to be counted as a down payment.
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This is another way government policy supports your home! Many pension funds are available for use as a down payment for new home buyers with no tax penalty. Please call for more details (313) 310-9855.
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#6 Employee Loan / Credit Union
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Many employers have programs by which they will advance or loan funds either directly or through the company credit union. They know a homeowner is a better, more stable, employee.
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A family member has promised to leave you money in the future. Suggest to them the joy they'll have visiting you in your new home purchased with her gift as the down payment! If a parent , grand parent, uncle or aunt can give you a small gift for the down payment it will help to get you a loan at a better interest rate.
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Maybe your friend can't afford to give up the money entirely but he can afford to lend it to you as a personal loan to be used as the down payment! This money has to be in the bank usually before you start the process. The money usually has to be in the bank for two months.
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For information on Home loans please call us direct at (248) 310-6239 . We will sit down with you and explore all your options. |
So whether you are buying Livonia Real Estate or Novi real estate or just anyMichigan home we can help you get into the home. Call us today to see how we can help you! |
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