How To Buy Your First Home Without Money

With the national median home price hovering around 240 900.

How to buy your first home without money. You secure a line of credit against your home and you draw on it as you need it and pay it back with rental income. Home equity lines of credit helocs are especially useful for this. A good rule of thumb is to keep your mortgage along with your taxes and insurance between 25 and 30 percent of your income. There are numerous programs available to first time home buyers. Home buyers who apply for a mortgage are typically advised to put down at least 20 of the price of the home.

Another idea to buy a rental property with no money down is to borrow money from your current residence. For instance the homepath ready buyer program gives new homeowners up to 3 of the purchase price toward closing cost assistance upon completion of a homebuyer education course. You look at your first deal based on the money you have and many of you give up on the real estate game because you don t have any money. To buy a home with no money down as a low income applicant start by applying for a federal housing authority loan through an fha approved lender. You can even take out a heloc on an investment property.

Other experts advise that your home cost no more than two and a half times your annual salary. For more click here. When you get. Subscribe and comment to qualify for a free real estate investing coaching session with grant cardone. Next start the mortgage approval process by completing a uniform residential loan application with information such as your employer income sources debts and housing expenses.