No Money Down

wmark1963 is making a great point here...one thing we should be doing is constantly pushing ourselves to find new no money down strategies in this market.

I'm not sure how it is everywhere else, but in NJ they're making it basically impossible for homeowners getting loans for a 2nd home and investors getting loans for investments.

Knowing that can you spot the opportunities?!!!

Ok I dont know how you would rate this one but the broker that I work with has a government program that will finance them at 100%

Thats right 100%...... 1st 95% and a 2nd for 5%
They will do bother but here are the requirements:

FICO 660
64.99 DTI
Full Doc
48hr Approval
Can own other property
New property must be upgrade from exiting property - like going from 3 bedroom to buying 4 bedroom or 1700sq/ft up to 2000 sq/ft

So the NO MONEY DOWN is there you just have to find it.

Is this for Owner Occupied only?

Is he really sure he can get mortgage insurance for the 1st? My broker is telling me that 90/10 NOO is out there but getting the MI is the problem.

I would want to see the money before I believed it really existed....

All I can do is pass on what has worked for me and those I deal with. As far as the MI I have no idea because once I get them approved and put them together I am out of it.

I missed the govt program part. Another question is WHICH govt? Federal, state, local?? So it may only apply to certain peeps...

At first I thought it might be a 1st time home buyer program but it seems like not.

It is a Federal Program. If you like I can get the name of it and pass it on so you can see if your broker knows anything about it.

Which sub prime lender are you using?

actually I need some assistance with NMD, I have no credit which means my options are very limited, what would honestly be the best way for me to get started on my first deal? any suggestions

You may want to really study up on assignment deals and finders fees. With no money to start with it could give you a good footing to start making money and saving at the same time.

There are so many more creative, NMD options that haven't been addressed. How about lease options? Sub to? Land contracts? Owner will carry second mortgage? The above mentioned financing techniques are all able to be executed using none of your own money. All the while having the ability to rent these properties out and have someone else pay your assumed mortgage, insurance, taxes, maintenence etc....
Please let me know if any of this is incorrect. I am, by no means a pro on here. I am learning just everyone else out there!

Hello everyone I need advice on a property my friend owns, she used her credit to help a co-worker buy a house, our friend pulled money out of the house and now have stop paying the notes since april, this person had A 1 credit, she just want out of the deal, I advise her to do a short sale or should I try and buy this property from her. All suggestios welcome.

Hi,

I am new to being in the real estate business. I have no money to put down on property to buy. I want to know how to find an investor for a property that I might find? How do I go about getting paid. I know that you use a promissary note but how do I fill it out? I really need some step by step instructions because I don't want to make a mistake. I know that you learn from your mistakes but if someone who knows what they are doing tells me what to do, I know how to follow directions very well.

Thank you

Venus

When I get someone who I can assign a property to, then what happens? Do I have to go to the closing or anything? Or, just get a check for the difference and move on? Secondly, I've never purchased any properties; is there a "step-by-step" as to what to expect at a closing? Can anyone answer these questions? Terry

I would say that the No Money Down is the best way to invest. However, if you find a great deal and able to negotiate a price which create instant equity of the property, you can do a 95 or 100% financing. For example, i have a property that i'm working on it right now. The bank hired their own appraiser and conducted the appraised on the property. It's a 3 bedroom, 2 full bath, 2100 sq ft.

The property was appraised for $140,000. Give those figures, i've calculated where if i can established a 20-25% equity on the property immediately, the bank would most likely to do a 95-100% financing. That's my creative financing strategy. I've met with the owner of the property this morning and offered 105k. The house is in great condition, but because i will be moving into in the house, i've asked the owner that i would like to change some things in the houe since it will be my new home. We talked about changing the panel walls, replace the old carpet, change the hardwood floor into tiles, and replace the roof since the last time he put the current roof on was ten years ago. I've offered 105k and given the reasons to justify my offer. He countered offered my offer to 110k and we got a deal. I then met with the bank this afternoon and asked them to do 100% financing given that i have $30,000 equity on the property which is more than 20% of the price value. It's all in Dean's book! Good luck!

Lloyd

but you would have to have good credit to do so...right??