Wait…you can buy a home with zero money down?!

Assuming you meet minimum qualifications, you can purchase property to move into and/or rent out to others without paying any money upfront.  And even if you don’t meet those minimum qualifications today, odds are you are months not years away from being at that point.

What are the qualifications?  The specific answer and any formal decisions are made by your lender, however two main things are:

Getting your credit to 580+
Being employed at the same place for at least 3 months

If you see yourself buying your home at some point, these two things make a great baseline goal.  From there, there are a few types of loans available.

Once I’ve met these minimal requirements, how can I get into a house with no money down?

Traditional thought is if I want to buy a $400,000 house I need to have $80,000 (20%) ready to put down. In reality, most loans only have a minimum requirement of 3% of the purchase price (in this example, $12,000).

What’s lesser known is your lender can likely provide an additional loan for the downpayment amount, wrapping this downpayment into your overall monthly amount due. 

Ready to take your next step?  Contact us at West Coast Home Tours.