The 5 tips for buying property with no money down are:
1. Start by talking 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. 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.
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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. Find a Realtor and begin looking for a home.
5. Ask the Realtor to write a contract on the home that you decide on. And in that contract the Realtor requests 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, 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.