Buying my first house
When buying my first home, is a down payment required in every situation or is there ways around it?
When I bought my current house I used an 80/20 mortgage, which is essentially a first and second mortgage. The first one is for the 80% and the second one is for the 20% down payment. You still have to cover closing costs, which can be several thousand dollars.
I don't really recommend it. I was a little naive and was talked into it by the mortgage broker I was using at the time, who also happened to be a business acquaintance. She got me an ARM, which I didn't want. And the terms were terrible. I ended up having to refinance, which added several thousand dollars to my principal.
If you live in the house and house hack or buy a multi plex there are lower downpayment requirements. Are you a veteran? Does your credit union offer a 0% "new home loan " (Navy fed does not sure about other ones).
There are lots of ways, the key is checking out local local financing options. I have done very well with brokers. Even if you can't get no down payment. Low down payment is also awesome.
Good stuff to know, ill have to do some research and check with my banks thank you! im active duty though and my goal is to try flipping a house so ive gotta play my cards very carefully considering many loans wont do much for me with the intention to flip a house because it almost makes it too easy for me to make money and also easy to lose them money, gotta start somewhere though!