Buying a house with no down-payment?

[FrustratedUser]

Is there a way to do this? How bad would the rates be?

 

[Yax]

Probably, but you'd still have to pay closing cost.

 

[EXman]

Dude Carlton SHEETs Baby!

No Down Payment system!

 

[Rogue]

It's called a VA loan. Bought my house no money down, seller pays closing costs and we netted $3000k for improvements from the seller. All in all worth the 6+ years I put into the Army Reserve to get that benefit.

 

[FrustratedUser]

So being in the army is the only way to get that?

 

[Yossarian]

Originally posted by: Rogue
It's called a VA loan. Bought my house no money down, seller pays closing costs and we netted $3000k for improvements from the seller. All in all worth the 6+ years I put into the Army Reserve to get that benefit.

3 million dollars??

 

[Apathetic]

You don't VA loans aren't the only way. If you have a really good credit rating, a bank or some other lender may offer you a similar deal. Generally speaking though, the smaller the down payment, the higher the rate you'll pay. Do a google search (actually I think there was an ATOT thread about this not too long ago). Check your local paper. Here in Raleigh, the Saturday paper has an entire page of bank loan rates.

Dave

 

I believe country wide and first priority have some no down payment deals.
You have to meet their credit ratings though.

 

[Triumph]

I thought I heard the trick was something like take out a loan for the price of the house + the price of the down payment, and voila! there's your down payment.

 

I thought I heard the trick was something like take out a loan for the price of the house + the price of the down payment, and voila! there's your down payment.

Then it's not a down payment, it's just more financed money.

 

[radioouman]

Did it this summer... seller paid closing. We have two loans. One for 80% and one for 20%. together, the blended interest rate is %5.875. Didn't put a dime down.

 

[Cyberian]

Originally posted by: Triumph
I thought I heard the trick was something like take out a loan for the price of the house + the price of the down payment, and voila! there's your down payment.

I have heard of that, but I don't know how many banks would lend you that much money if you have no collateral.

 

[radioouman]

Originally posted by: Cyberian

Originally posted by: Triumph
I thought I heard the trick was something like take out a loan for the price of the house + the price of the down payment, and voila! there's your down payment.

I have heard of that, but I don't know how many banks would lend you that much money if you have no collateral.

Good credit.

 

[Triumph]

Originally posted by: SammySon

I thought I heard the trick was something like take out a loan for the price of the house + the price of the down payment, and voila! there's your down payment.

Then it's not a down payment, it's just more financed money.

But it would alleviate you the burden of coming up with $20,000 or whatever up front. That's really the problem, having enough cash on hand for the down payment.

 

[AlienCraft]

You will also be saddled with Mortgage Insurance, which you will not have to pay with a sufficient down payment.

 

[FoBoT]

VA loan, join the military

 

[kt]

Originally posted by: SammySon

I thought I heard the trick was something like take out a loan for the price of the house + the price of the down payment, and voila! there's your down payment.

Then it's not a down payment, it's just more financed money.

Well, you aren't putting any money down now are you? The second loan (for the down payment) is usually a 10 years loan depending on the lender.