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A Few Suggestions On How To Finance A Home Without Own Money

By Birgit Hulsin

Purchasing a house is now possible for many due to the dropping home prices and low interest rates. It is a buyers’ market according to the real estate industry which means now is a great time to invest in a home. Unfortunately, the poor economy has set many people back and figuring out how to finance a home without own money is a challenge.

Depending on your credit score, lenders will require anywhere from 20-35% of the loan amount before they will consider approving your loan. If you live paycheck to paycheck or you had to dig into your savings to ride out the recession, you may not have enough money to put down the required down payment. There are a number of ways around this.

The first option is to borrow the money. Check your family tree for rich relatives or family members who are willing to loan you the money for your down payment. You can even offer them an attractive interest rate terms to sweeten the deal.

If the people you know are just a broke as you are, or are not willing to loan you the money, then you may need to talk to a personal banker or other financial institution about taking out a personal loan. People with good credit may be able to get the money they need with a simple signature loan. However, the lender may require you to put down collateral on the loan, such as jewelry or a vehicle, if you have bad or poor credit.

You can turn to the seller for help purchasing their piece of real estate. If the bank will loan you most of the money for the house, you can negotiate with the seller to see if they will let you pay the remaining amount over time. For example, if the bank will only pay $250,000 of a $300,000 house, ask the seller if they are willing to take payments on the remaining $50,000 for next 3-5 years or so.

Veterans may qualify for a no down payment loan so that is worth contacting a VA lender about. Beyond that, you can look for other government programs that might help you get the money you need for your home. Other unique places you can look are grant programs, contests or sweepstakes that are giving away money for a home.

Determining how to finance a home without own money will take some creative thinking on your part. However, you work on it diligently and explore all of your options, you’ll find a way to purchase your dream home.

If you like to have more info about this topic you should really visit home financing without own money where you find more tips regarding Baufinanzierung ohne Eigenkapital.

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Article Citation
MLA Style Citation:
Hulsin, Birgit "A Few Suggestions On How To Finance A Home Without Own Money." A Few Suggestions On How To Finance A Home Without Own Money. 7 Jul. 2010. uberarticles.com. 17 Sep 2014 <http://uberarticles.com/finance/mortgages/a-few-suggestions-on-how-to-finance-a-home-without-own-money/>.

APA Style Citation:
Hulsin, B (2010, July 7). A Few Suggestions On How To Finance A Home Without Own Money. Retrieved September 17, 2014, from http://uberarticles.com/finance/mortgages/a-few-suggestions-on-how-to-finance-a-home-without-own-money/

Chicago Style Citation:
Hulsin, Birgit "A Few Suggestions On How To Finance A Home Without Own Money" uberarticles.com. http://uberarticles.com/finance/mortgages/a-few-suggestions-on-how-to-finance-a-home-without-own-money/


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