Every time I hear the phrase "buying a home with no money down," I think of those late-night infomercials about get-rich-quick schemes and the like.
But buying a home with no money down is a legitimate concept these days ... and apparently a popular one.
One of my college buddies sells mortgages in the Austin area. He said one of the most common questions he gets is "How can I buy a home with no money down?"
Sure, there are plenty of scams out there targeting unsuspecting home buyers. But there are also quite a few legit programs for home buyers who don't have a lot of cash to put down.
If you'd like to learn more on this subject, I've gathered a few articles from reputable websites (CNN Money, BankRate.com, Home Buying Institute, etc.).
So without further ado, here is your partial education on buying a home with little (or no) money down:
Buying a Home With Little Down
This home buying article on CNN Money offers some insight into buying a home with little money down. An excerpt: "In general, the less you put down, the better your credit needs to be. Also, smaller down payments typically mean slightly higher interest rates, not to mention private mortgage insurance (PMI)."
Buying a Home With Little or No Cash
This Wells Fargo chart shows the kinds of programs you can use to buy a home with no money down (or with a minimal down payment). Note: these programs are specific to Wells Fargo. Other lenders may not offer these same options for no-money-down home buying.
No-Money-Down Home Buying
This article at BankRate.com explains your options for buying a home with no money down. An excerpt: "For many potential buyers, the problem is coming up with a down payment to make this all-important purchase. This should not be the case. It is possible to buy a home with nothing down, meaning no down payment."
Buying a Home with No Money Down
This article throws another variable into the mix. It talks about buying a home with no money down and poor credit.
http://homebuyingtips.statesmanblogs.com/Default.aspx?page=4
