How do you buy a house no money down these days?

[Drucker]

Leet me guess they still wanted the PMIA on it also? Like that insurance meant squat when the bubble burst

[sniper7]

like others have said...not money down is extremely rare. a lot of places like HUD or foreclosures want 20% down. My buddy flips homes and has always had to have at least 20% down. easy enough for them...not so much for the rest of us.

If you have a lot of "stuff" or a brand new vehicle or something. sell it all and get that money to put down on the place. while not the case now, or in limited cases, real estate is a great way to gain wealth.

[sniper7]

We got our house 2 years ago and they made us put 23% down they wanted 25% but we coulnt come up with the rest. I dont know if it was just the time we bought but they were super strict on every thing, thought I was going to have to give a dna sample. It was a very stressfull time dont wanna do it again any time soon.

We bought new 3 years ago and it wasn't as strict. they still wanted lots of info, paperwork etc etc, but didn't need to have 20% down as a requirement.

[blacklabel]

We bought our place two years ago. They wanted money down but surprisingly let us finance that as well. It wasn't the smartest thing to do but was still better than our other options at the time. The mortgage for the down payment is only $3k.

[HBARleatherneck]

delete

[alxone]

the bank offered a no money down deal and it was more than twice what we needed and no real way of paying it back .30 years when your almost 40 is a scary idea

[rockhound]

The days of no money down in real estate lending are a thing of the past. --

Historically 0% down in private real estate was a fairly new practice and was part of the relaxing of credit standards that contributed to the boom and bust we experienced.

You may be able to find a lender that will accept additional collateral in lieu of a cash down payment, but it will have to be significant; usually at least 150% of what would be required for cash.

This is not true, but the best deals for the no money down are in tue rural areas, in town would not qualify
If this is your second home yoi would have to go conventional morgage anyway, va maybe on a second purchase, we have done it before
Conventional would be 5% down with A paper and great income

Also the hud homes have some $100 down programs,

Happy to talk to anyone here who needs a good buyers agent

[jerrymrc]

30 years when your almost 40 is a scary idea

One other thought. Been in our current house almost 15 years. I have 5 years to retirement.

I may just do a refinance soon just to lower the payment and lock it in. I do not care if I pay it off in my time but the lower payment and that within reason it will stay the same will be a big +

My mother sold the big house and bought a trailer back in 1985. The lot rental was $200 per month. It is now $625 for just the lot rental.

At current rates my payment would be cut in half.

[Bailey Guns]

We bought our house in 02 while still owning our other house.

The place we bought required a jumbo loan (I don't recall what at what amount it became a "Jumbo" loan, but it was). Even though we're both VA eligible we went with a conventional "no doc" loan. Very streamlined process...basically, if your credit scores supported it they'd do it at the time. The only catch was the down payment...wasn't quite 20% but it was still $20k.

We got the seller's of the house, who were very motivated, to give us a one year/0% interest note. I doubt that's very common but we did it. Like others have said, we used that one year to sell stuff/work overtime/save and had the $20k at the end of the one year period.

So, if you can get creative, there are ways.

[rockhound]

Sniper, your friend has 20% paper because he is an investor, if it is going to be your own home you can get 5% paper, they typically want proof your exiating home is going to be sold or rented out, a contract for sale or rent will do it.

The OP will find it very difficult to do much better than that without VA