How To Buy a No Money Down Property

Believe it or not, it is absolutely possible to purchase property without putting paying a down payment. Here is how to buy a no money down property

1. Buy short sale or foreclosed upon property. The sellers are usually so anxious to be rid of the property that the mortgage lender will waive the need to pay a down payment.

2. Take over an existing mortgage. Taking over someone’s mortgage is different and, often, easier than applying for your own mortgage and rarely involves paying a down payment.

3. Ask your mortgage lender to absorb the down payment percentage into the overall cost of the mortgage loan. This allows you to purchase a no money down property, though you will usually face a higher monthly payment and a longer repayment period.

4. Ask your bank or mortgage lender if they have a «no money down» program that you can take part in. Some banks offer these programs to help people with smaller incomes get into their own homes without having to make a down payment.

5. Ask your real estate broker if he or she knows of any no money down properties. Some sellers are not picky about getting down payments and will sell their houses and offices as no money down property to speed up the sale process.

6. Offer to pay Private Mortgage Insurance instead of putting down a down payment. Some banks will allow buyers to wave the cost of Private Mortgage Insurance if the down payment is large enough. Offer to pay a higher private mortgage insurance rate if the down payment can be waved.

Putting down a down payment toward a piece of property is no longer a requirement. It is possible to by no money down property simply by getting your down payment waived.