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How To Own A House Without Money!
Guest_isabellajac_*
post Nov 21 2007, 05:45 AM
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I am planning to buy my first house but I do not have that much of money. Are there any alternates and what should I be careful about while negotiating such a deal? I do not mind going in for a Mobile / Manufactured Home. Help!!
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Guest_jacksMoore_*
post Nov 22 2007, 03:33 AM
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It is indeed a great idea to own a house without money yet it is not difficult! I have done so and the main building blocks I found were at http://www.manufacturedhomeloan.org/ .
And sure it’s a clever world so you should be careful. Please also go through the article
http://manufacturedhomeloan.org/used-manuf...factured-homes/ which will give you an insight of what all can happen while going through such a deal. All the best!
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anniebanany
post Nov 24 2007, 03:52 PM
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You don't state which country you're in, Isabella.

Many countries/states have first-time homebuyer's grants. They also have reduced % of down payment amounts for first-timers.

Also, there are a lot of lawyers who do "Flat-fee" real estate. I personally did all of the leg-work for my lawyer (land registry office/lien searches) gave him the papers and told him he'd get $350. to finish it. He took it.

Depending on where you are, you may be able to find a "vendor-held" or "vendor-takeback", which simply means that the person who now owns the home is willing to either fully or partially hold the mortgage for you. You would pay them monthly, rather than the bank.
This keeps you from having to deal with banks and their set of rules as to who is eligible for a mortgage.
Many Vendors, if they are financially able to do this, are happy to, since , if they charge you even 1% over prime, they are making quite a bit more than they would if they had it in a savings account, and it is, in many cases, a safer investment than any investment fund through a bank or investment firm, PLUS they are not forking out anything in fees for investment consultants. (Plus, if you default, they get to foreclose, take the property back, and keep what you've paid so far.)
Provided you're aware of the FULL costs in the deal, (don't forget property taxes, home insurance, maintenance, etc.) and still feel you're financially able to do it,....you probably won't have a problem, even if you have to use a mortgage broker. There are plenty of investors out there who are waiting to lend their money to a homeowner.
Just be sure that you buy within your means.

[I bought a house with no money down, and no job/newly self-employed. The vendor held the mortgage, knowing that I had been paying rent for the previous 2 years with no problems, and he was happy to have the house (empty for 3 years) occupied, and the insurance and taxes now someone else' problem.
Mind you, I looked at 36 houses and bid on 8 before I got the one! ]
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carterandy
post Jan 26 2008, 02:47 PM
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Isabella,

A lot of it depends on your credit. Have you paid bills on time? Do you have many credit cards? If so, are they maxed out?
I guess if you do not reside in the US, it will be a lot different. You state you don't whether you have a job or are unemployed.



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Guest_abrahamloards_*
post Jul 22 2008, 06:51 AM
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This keeps you from having to deal with banks and their
set of rules as to who is eligible for a mortgage.
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Guest_elexsmith_*
post Jul 26 2008, 06:14 AM
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Its simple dear
Go to bank and ask for loan now a days competition is very high and they will definitely provide u loan on easy finance scheme

go for it!!!!

all the best

Apply for Credit Card
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newplanner
post Aug 19 2008, 01:07 AM
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Best option for you is Home Loan.

Go to your nearest branch of 3-4 banks, and ask them for loan and see how much interest they are charging. You can also ask them for some discounts. Compare and slect the one for applying loan that best suits you.


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hertzsurfer
post Nov 20 2008, 06:33 AM
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isabella,

This idea might not be too legal, and it might not be too moral either, but both are subjective terms. I have heard of people going to near defunct banks, and taking loans out in the hope that the bank will end up liquidating. This if planned well, could help you in the search for a near interest free loan. The only problem with this is your credit rating, and the amount you are trying to borrow. I would not suggest large amounts of money with this system, as if the bank does liquidate, and you are asked to payback the loan immediately (which is in very rare cases), then you will have to make sure that you can secure at least 20% (varies between different countries) of that loan so as not to lose your home. Also note that i do not condone, promote or use this system, and i cannot be held responsible for any damages and/or losses occurred if you try this. In some countries it can also fall under Fraud laws, so please check that out too.


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AlFromLA
post Mar 9 2010, 08:55 PM
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why buy a house when you can't afford one? whats wrong with renting? sometimes owning a house i think is over rated!
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Phims
post Apr 8 2010, 07:27 PM
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1.
Step 1

Talk with a mortgage loan officer about 100% home loan programs. These are programs that do not require a down payment. The home would be financed 100%. Closing cost are separate from a down payment and must be paid even though you receive a 100% home loan unless other arrangements are made or unless special loan programs are available to cover closing costs as well.
2.
Step 2

Make sure your credit report and credit scores are up to par. The mortgage loan officer will examine your credit file to check the status of your report and your credit scores.
3.
Step 3

Talk to the mortgage loan officer about the status of your credit and scores. If your credit and scores are not up to par, ask the loan officer what does he suggest you do to get your credit and scores where they need to be to buy a home with no money down.

If your credit and scores are where they need to be to buy a home with no money down, then you can move forward in purchasing a home.
4.
Step 4

Find a Realtor and begin looking for a home.
5.
Step 5

Ask the Realtor to write a contract on the home that you decide on. Ask the Realtor to request that the homeowner also pay for your closing cost. If the contract is accepted, you should be ready to close within 45 days or sooner. You will have bought a home with no money down and no closing cost paid by you. There are costs that must be paid by the buyer. These costs include earnest money to take house off market, appraisal cost, inspection cost, your attorney fee, and the purchase of homeowner' s insurance. It's not likely that you can get around these five expenses. There have been times, however, when Seller' s have paid all expenses depending on the circumstances.


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carolyny476
post Sep 27 2010, 06:37 PM
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QUOTE (jacksMoore @ Nov 22 2007, 04:33 AM) *
It is indeed a great idea to own a house without money yet it is not difficult! I have done so and the main building blocks I found were at http://www.manufacturedhomeloan.org/ .
And sure it’s a clever world so you should be careful. Please also go through the article
http://manufacturedhomeloan.org/used-manuf...factured-homes/ which will give you an insight of what all can happen while going through such a deal. All the best!


Thanks for sharing the link!



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Troppus
post Sep 30 2011, 11:56 AM
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I don't see this discussion as active, however I thought I'd add in my two cents. There are many creative ways to get into a house with little or no money down and you can search online for this, but what I'd suggest is you factor if you can carry a house. Are you aware of how much it costs to carry a home? Suggest you speak with a mortgage broker that works with some creativity. If you are not sure of one, I have a few that I work with for buying new properties. Good Luck!
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Kirstwyn
post Oct 23 2013, 04:58 PM
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QUOTE (isabellajac @ Nov 21 2007, 05:45 AM) *
I am planning to buy my first house but I do not have that much of money. Are there any alternates and what should I be careful about while negotiating such a deal? I do not mind going in for a Mobile / Manufactured Home. Help!!


Just be careful when buying a mobile home as you will need a place to place it, such as lot or land. Unless you own the lot or land where you park your home, you are likely to be up for eviction at some point when the land owner decides. Try to buy your own land if possible. This will give you independence and freedom from worry over eviction.


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ShadowWolf
post Nov 6 2013, 08:09 AM
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Land ownership is the smartest investment you can make now as you can't be evicted from your own land or property so long as you pay your yearly taxes.


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resincome
post Mar 31 2014, 12:29 PM
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QUOTE (ShadowWolf @ Nov 6 2013, 08:09 AM) *
Land ownership is the smartest investment you can make now as you can't be evicted from your own land or property so long as you pay your yearly taxes.


No, you have to pay your mortgage as well, otherwise the government will take the property & sell it to the bank or auction it off. That's what happened during the 2008-2009 economic crisis.
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