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  1. #1
    Grand Master Know It All DOC's Avatar
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    Default How do you buy a house no money down these days?

    I seen a place across the street from me and was thinking about moving there and renting out my current place. But I don't know how to secure a place these days.

    Any help or ideas?
    Who are you to want to escape a thugs bullet? That is only a personal prejudice, ( Atlas Shrugged)
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  2. #2
    Caught Behind Enemy Lines
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    bust ass , sell it all and buy it out right

  3. #3
    Stircrazy Jer jerrymrc's Avatar
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    How do you buy a house no money down these days?
    VA.
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  4. #4
    Señor Bag o' Crap Scanker19's Avatar
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    Join the army.

    Seriously though, I put no money Down, biggest mistake ever. If I did it over again I'd put at least 10k down. Ymmv
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  5. #5
    Gong Shooter gcrookston's Avatar
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    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.
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  6. #6

    Default

    Quote Originally Posted by gcrookston View Post
    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
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  7. #7
    Stircrazy Jer jerrymrc's Avatar
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    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.
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  8. #8
    Grand Master Know It All DOC's Avatar
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    why is that?
    Who are you to want to escape a thugs bullet? That is only a personal prejudice, ( Atlas Shrugged)
    "Those that don't watch the old media are uninformed, those that do watch the old media are misinformed." - Mark Twain

  9. #9
    Señor Bag o' Crap Scanker19's Avatar
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    No equity off the bat. If I sold it I would maybe not break even, if not be upside down after the commission of an agent. Of course that's my army thinking, you'd own it for a while I hope.

    Think buying a car with no money down, you're already in the hole once you drive off.

    Also lower payments as well.
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  10. #10
    Grand Master Know It All Sharpienads's Avatar
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    We bought our house with a VA loan, no money down. I wouldn't say it was a mistake, but we've owned our house for over 3 years now and are still upside down on it. We've paid about $35,999 in interest and $1 on principal.

    Talk to a mortgage guy. You might be able to get one with no money down.
    Kyle

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