Starter home with no $$$ down.

[I.B. Washincars]

I have someone that I would like to offer some guidance, but I don't really know anything. She and her husband would like to move from their apt. into a house, but they don't have a down payment. Both of them work and have good credit. With things the way they are now, I would think that there are a lot of homes out there to be had with incentives like that. Any guidance on how to find them?

 

[MEP001]

It's not hard to qualify for a "no money down" bank loan for any home.

 

[mjwalsh]

Pat,

The current process tends to require a certified appraisal by the lender. The equity the couple has probably is a factor. I suppose the part of country has a bearing too.

 

[Louise]

There are real estate agents that specialize in helping first time home buyers through the process. They are willing to invest the additional considerable time helping these buyers. I would ask around for a recommendation or call a local reputable real estate firm.

 

[soapy]

Many states offer special help for first time home buyers. They may help secure loans for houses and even buy down the interest rates. Check and see if your state has such programs.

 

[rph9168]

The first place they need to go is the bank or financial institition to see what size payment and loan amount they will qualify for. In addition to good credit they will also need a good employment history. With the number of foreclosures out there banks want to get out from under them but they are also making things a little more difficult to get approval than in previous years. They want to make sure they don't get them back.

 

[jfmoran]

They may want to search for a lease/purchase deal. They could lease the home for say two years with an option to purchase. During that time they can build up a down payment by saving as well as working a deal to have a portion of their rent go towards a down payment.