This is on a standard, straight up purchase? You can get a mortgage, but you will probably need 5% down. One of the things you can do though, is try to get seller concessions, so he pays all of the closing costs. (or up to 6% w/some companies) Other wise you will end up needing cash for closing too.
Thanks for the reply. I have heard that if the house you are intersted in appraises higher than what you are paying the equaty can be used for purchase. Is that true?
That would be really nice if it were true. Personally, I've never run into that situation.
The bank wants you to put down money because they want some security in their investment. If you aren't willing to put down any money, and you have a low credit score, you don't look like a good investment to them.
Obtain a Lease w/Option to Purchase on a house that you can fix up and/or is Appreciating in value. In a couple of years you will have improved your credit and built up some equity. You can receive a credit towards the downpayment for the difference between the Appraised Value and the Option price.
This is on a standard, straight up purchase? You can get a mortgage, but you will probably need 5% down. One of the things you can do though, is try to get seller concessions, so he pays all of the closing costs. (or up to 6% w/some companies) Other wise you will end up needing cash for closing too.
Hope that helps!
Clint
Thanks for the reply. I have heard that if the house you are intersted in appraises higher than what you are paying the equaty can be used for purchase. Is that true?
That would be really nice if it were true. Personally, I've never run into that situation.
The bank wants you to put down money because they want some security in their investment. If you aren't willing to put down any money, and you have a low credit score, you don't look like a good investment to them.
Obtain a Lease w/Option to Purchase on a house that you can fix up and/or is Appreciating in value. In a couple of years you will have improved your credit and built up some equity. You can receive a credit towards the downpayment for the difference between the Appraised Value and the Option price.
pmatheson1,
EXCELLENT answer...
I do this ALL the time...
...with the L/O buyers I deal with..
....as always,
GoodInvesting, Rocky