You Can Buy a Home with No Money Down
It used to be that homebuyers had to come up with substantial down payments in order to purchase a home. In fact, most down payments ranged from 10 to 20 percent, some going even higher. Nowadays, that’s all changed. It’s becoming increasingly common for homebuyers to purchase a home with no money down. The question is, how do you do it?
First Time Homebuyer’s Grants
If you’re a first time homebuyer, a first time homebuyer’s grant is a great way to get into a home with no money down. You’ll want to find out which first-time homebuyer grants are available in your State and work with a real estate professional who is familiar with the first-time homebuyer grant process.
First and Second Mortgages
While it is possible to finance 100 percent of your home with a single mortgage, that will force you to pay private mortgage insurance. If you get two loans, a first and a second mortgage, to buy your home with no money down, you’ll avoid paying private mortgage insurance, which could save you quite a bit of money each and every month. Talk with a mortgage broker about buying your home with no money down and tell him or her that you’d like to utilize both a first and second mortgage to do so.