How can I buy real estate without much cash?

I don't have a whole lot of cash to use as a down payment. How can I stop renting and buy a place of my own in the near future? Is this even possible without signing on for a ridiculous interest rate?

How can I buy real estate without much cash?
Slim Jim,


You can get 100% financing and typically have the seller contribute up to 3% of the selling price of the house to your closing costs. The only requirement would be that you'd have to have $500 of your own money into the transaction.





The interest rates are very comparable to 80% or less financing; there is a .5% charge 97% %26amp; 100% financing (usually an 1/8 or 1/4 more in interest rate).





The tough part at the high LTV's can be mortgage insurance.





The ways around this is:


1. VA programs and paying the funding fee (good deal)


2. 80/20 loans, usually a savings in payments over MI


3. Community Mortgage programs -- This is a great secret that most of us lenders have available. If you take a home buying/home owning course I have programs that I can offer that have reduced MI. The savings can be big.





Search for My Community Mortgage programs, or if in FL feel free to email me, and I'll work with you.





Hope this helps,


Chris
Reply:You can try to get approval for an FHA loan which allows you to bring as little as 3% down. Also, check the internet for First Time Home Buyer's programs. There are alot out there.
Reply:Nope you can get the good rates if you have good to excellent credit even if you go 100% financing. There are so many loan programs for the purchase market that it would take forever to go through them, but to simply answer your question Yes you can buy a home with no money down.
Reply:I suggest 80% first mortgage and a 20% second mortgage, the only cash you will need will be for closing costs. And that dollar amount depends on how much you're borrowing.

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