We just closed on property # 4 with no money out of pocket. We used collateral from a paid for home as a down payment on an "in house" loan from a local bank to get an ugly foreclosure. We are just finishing the rehab and will refinance in 5 more months to get cash back and still have %25 equity position. This is the second time we have done this and it works awesome for us.
Originally posted by @Veronica Labrador :
With the way the real estate market has been going is there still a way to get a home with no money down?? I just moved to Northern Virginia area and realize I will need to choose a different location or seek Foreclosure homes. Any suggestions?
I know that a VA loan allows for you to purchase a home with no money down. Of course if you or your spouse is not a veteran, that won't help you. Now for everyone else, I believe that there are down payment assistance programs for first time homebuyers. Of course, if you are not a first time homebuyer, that won't help either.
The no and low money down programs from a few years back are all gone. They were removed to protect people. Of course the only thing it really did was make it so financially stable people with high incomes now struggle to get a traditional loan without putting down insanely high down payments, paying points, and providing 1000 pages of documentation for the earnings to mortgage companies.
It is frustrating to me when a person (me...lol) can make over $100,000 a year, and have $40,000 in cash, and get denied for a loan for a $150,000 property.
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