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.

Below is a list of organizations that have down payment assistant programs:

? AmeriDream Inc. http://www.ameridream.org

? National Home Foundation http://www.nationalhomefoundation.org

? GiftAmerica Program (GAP) http://www.giftamerica.org

? The Nehemiah Program http://www.nehemiahprogram.org

? New Song Down Payment Assistant Program http://www.buyers-assistance.com

? Equity Grants http://www.equitygrants.com

? Realty America http://www.realtyamerica.org

? Homes For All Program http://www.ezdownpayment.com

Also check in your local area, because many communities have similar programs of their own.



Posted by Cheri Pickett on December 13, 2008 at 12:00 AM

About Cheri Pickett
Cheri Pickett is affliated with Remax Cross Country, which is located in Lewisville, TX. For further assistance please use the contact information located on the right.



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Local Information for Lewisville, TX

Latitude: 33.038316 -- Longitude: -97.006232


ZIP Codes for Lewisville, Texas 75022  75027  75028  75029  75056  75057  75067  75077 
Area Code for Lewisville, Texas 972
Time zone for Lewisville, Texas CST



Other Area Cities:   Frisco, TX  McKinney, TX  Lewisville, TX  Denton, TX  Flower Mound, TX  Carrollton, TX  Southlake, TX  Bartonville, TX  Double Oak, TX  Highland Village, TX  Coppell, TX 

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Lewisville is a city in Denton County and Dallas County, Texas (USA). As of the 2000 census the city had a total population of 77,737. With strong population growth continuing into the new millennium, the city's official web page gives a 2006 population estimate of 89,000. Lewisville is one of the older incorporated cities (incorporated in 1925) in the northern area of the Dallas-Fort Worth Metroplex, but it remained a small rural town with just a few thousand people as late as 1960.The earliest white settlement in what is now Lewisville occurred in the 1840s. Basdeal Lewis purchased the land around which Lewisville would be formed and named the town after himself.Lewisville's growth is due in part to its proximity to Dallas-Fort Worth International Airport, a few miles to the city's south. Lewisville served for a time as the corporate headquarters for food distributor Fleming Foods, before the company ran into financial problems and relocated. -- Source: Wikipedia.com




Texas 2000 Census Population Profile Map

Lewisville Texas United States
Population 77,737 20,851,820 281,421,906
Median age 29.8 32.3 35.3
Median age for Male 29.6 31.3 34
Median age for Female 29.9 33.4 36.5
Households 30,043 7,393,354 105,480,101
Household population 77,376 20,290,711 273,643,273
Average household size 2.58 2.74 2.59
Families 19,815 5,247,794 71,787,347
Average family size 3.13 3.28 3.14
Housing units 31,764 8,157,575 115,904,641
Occupied units 30,043 7,393,354 105,480,101
Vacant units 1,721 764,221 10,424,540

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Cheri Pickett - Remax Cross Country
Cheri Pickett
Remax Cross Country


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