Can I get a loan without a down payment?

[Jessica Mangal]

Hello all,

I'm very new to real estate investing and this might be a silly question for most of you, but can I get a loan without a down payment? I'd like to purchase a multifamily home to rent out, but don't have enough money to put in a down payment. I do know that a VA loan could work, but I'm currently using that for the home I'm living in. Are there any other avenues out there?

Thanks everyone for your advice!

Jessica

[Ned Carey]

@Jessica Mangal  Most of the programs mentioned are for your personal residence. While it is possible to do no money down deals with seller financing or private lenders (friends family and associates) it is tough to do so without any track record.

Most lenders will not touch an investment deal with no money down in today's market.

An important question is why don't you have money to put down?  Real estate investing takes money. Even if you can buy with no money down you need cash reserves for repairs and unexpected expenses. The fact you haven't saved any money is one reason lenders will shy away from you. 

Your first step in real estate investing may be to get your personal finances in order. Cut our expenditures so that you can save money.

I don't want to discourage you but I do want you to have realistic expectations.