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how do home loans work?

i want to purchase a home because i am tired of wasting my money renting but how can i get a house without putting any money down?
  • April 09 - Las Vegas
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Answers (3)

One of the first steps in the home buying process is speaking with a lender to obtain a mortgage. A mortgage is a loan in which your house functions as the collateral. The bank or mortgage lender loans you a large chunk of money, which you must pay back (with interest) over a set period of time. If you fail to pay back the loan, the lender can take your home through a legal process known as foreclosure.

When it comes to buying you will most likely need a down payment. It can be extremely difficult to get a home loan without a down payment unless you are a veteran or seeking a USDA/rural approved property. If this applies to you then I suggest looking into a VA or USDA loan. Other than that, you will need a down payment. The smallest down payment would be an FHA loan which only requires 3.5%. There are also down payment assistance programs that you can look into depending on your area. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • April 11
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depends on the area, some parts of nevada are eligible for a $0 down, if not a $0 down you can do an fha loan that requires a minimum of 3.5% down

i'm doing a loan in las vegas right now and the market is hot there
  • April 11
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Please take time to read this article

How Mortgages Work

  • April 09
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