Buying A Home With No Money Down

Saving money for a house isnt easy on an average salary.

Buying a home with no money down. To buy a home with no money down as a low income applicant start by applying for a federal housing authority loan through an fha approved lender. Buying a home and putting no money down to do it sounds appealing to many but in reality its hard to get a zero down payment mortgage in this climate as banks no longer offer them to most consumers. Luckily there are a few alternatives to a conventional mortgage in which you can buy a house with no money down. Next start the mortgage approval process by completing a uniform residential loan application with information such as your employer income sources debts and housing expenses.

Then submit your. This program allows people with a credit score of at least 700 to get started on the home loan process with no money down. Home buyers who use down payment assistance programs save an average of 5965 upfront at the down. Granted you may still need some money for a down payment but much less than youd think.

Heres how you can score a zero down payment mortgage and the pros and cons of getting one. Hard however doesnt mean impossible. Lenders require a down payment because it lowers the risk for them that you wont pay your bills. For example if you buy a home for 200000 and you have a 20 down payment youll bring 40000 to the table at closing.