No money...buy a house!

Post by our friend Khandyss Renee' you can find her on www.wordpress.com at Khandyss Blog for other tips, advice and inspiration!

3 ways to Buy a Home with No Money Down

HUD Homes

HUD homes are very easy to buy if you have a little to and patient to invest. Here are a few basic steps to making this purchase simple, easy and stress free.

·         Decide what amount you want to spend and then look on the HUDHOMESTORE.com to find a house in your price range. Note: please do not wait to fix your credit, the bank will tell you what you need to do so go ahead and get pre-approved and don’t worry about your credit right now.

·         Go to a bank institution or credit union to get preapproved for that amount.  Now this is a little backwards but if you go to get pre-approved before looking around the market first then you take the chance of getting loan sharked.  Meaning the bank may either try to offer you more money than you can afford or something out of your price range?  Therefore look around first before you settle on an amount.

·         After you are pre-approved, hopefully by this time you have found a realtor whose specializes in HUD but if not you can contact one of the realtors from the house listings.  Once you find a house on the HUDHOMESTORE website then your realtor will place a bid for you which should be a little over the amount that they are asking.  Once your bid is accepted you then you take a check of 1000.00 to HUD which is located near Paces Ferry in Atlanta, GA. Once you close on your home you will not only get 900.00 dollars back but also additional monies will also be refunded to you as well! 

So there you go you have just purchased a house with no-money down and then some.  Now mind you HUD does have some fees and deadlines but they are very minor so don’t worry about that part that’s were your patience will come in handy.  You time will come in handy dealing with the bank and looking for your home but once again DON’T WORRY!  God will see you through and you will be a home owner in no time!

Land Contract or Owner Finance

Land Contracts or Owner Finance are very easy as well, but often times these homes along with HUD homes need a little TLC.  The benefit to these homes is that unlike borrowing from a bank or credit union your credit score is not really a factor.

·         Find a company or owner who wants to transfer the house over to you.  You can do so but going online for land contract because now and days greedy investors by up all of the cheap land and houses so your best bet is to find a land contract online through a legit company that does them and yes, they are out there. To find an owner selling their home you can look online, the paper or just ride around in the neighbor hoods that you would like to live in and find owners advertising in their yards or windows.  You would be surprised what you find when you take your time and look!

·         Once you have found an owner or company than you can select a home from the ones that they have after you do that you can then close on your new home with no money down.

Court House Door steps

This one is a little tricky but if you can get past aggressive investors than this one works really well.  I know some of you reading these are willing and ready to fight for whatever belongs to you so this should not be a problem.  These one does not require a down payment but it does require payment in full which could range from 200.00 to 30,000 or more.  In some cases they let you put something down to hold the property if you need to go a grab the rest of the money.

·         Check in with your local county office to see when they are having the court house auctions.  Have money ready to purchase but prior to bidding go and look at the properties first and make sure it’s a house on the property and not just land.· Once your bid is accepted you fill out the proper paperwork to begin a fresh start in your new home!

In closing, keep in mind that even though these steps are not as hard as they may seem you still have a few other things you will need to do like:

·        1. Getting your home inspected and appraised

·        2. Getting your home spayed for bugs but this one you can do yourself

·        3.Any repairs that the home made need which can be negotiated with the seller

Even so these things are still not that costly and do not have to be done all at once but should be done as soon as you can.  On the next post I will give definition to the terms that I have highlighted or you can look them up yourself.  Go ahead and get started happy hunting and enjoy your new home because I surely enjoy mines!

Khandyss Renee’