Zillow Advice: Home Buying - There really is not a NO MONEY way to buy a home!!!

I think Diana Boyesen said ...

Wed, 05 Oct 2011 15:19:00 GMT

I think Diana Boyesen said it best! There is always going to be some money out of pocket... for something.... sometime...somewhere!

"There are several ways to ...

Tue, 04 Oct 2011 19:11:00 GMT

"There are several ways to purchase a home without putting any money down. Feel free to call me and I can go over your options with you."

I am appalled that you would encourage that. Let me save someone the phone call and heartache. There are USDA qualifying loans that are zero down. There are VA loan with zero down. There are some community based programs for target groups like specific low income, teachers, fireman that are zero down.

All those zero down options still mean that you have to qualify for the loan, put money into inspections, pay for at least part of escrow and pay prorated taxes in many states upfront before you can close.

If you do not have ANY reserves of money, do not buy a house. The first repair that you have will mean a late payment to the bank and no agent that sold you that house will be around to loan you the money for the new water heater you need. Buying without financial stability is not smart and should not be encouraged by anyone. Those agents who do encourage it are self serving and should be ignored.

One of the sobering statistics ...

Tue, 04 Oct 2011 19:11:00 GMT

One of the sobering statistics is the correlation of lower down payments with bailing on homes. I'd like to see a minimum of 10% down for all purchase programs, with the purchasers own money in the game there is less feeling of renting.

I hesitate to tell anyone ...

Tue, 04 Oct 2011 18:55:00 GMT

I hesitate to tell anyone who has not been able to save money for a down payment that they are ready for home ownership.

What happens when there is a loss of income? Or the house does what houses tend to do- spring unexpected costly surprises on the home owner? Financial responsibility is indicated by the ability to not only save for a down payment but also to have some money in reserve. Stuff happens and a down payment is an indication that the homeowner is somewhat financially prepared for the challenges of homeownership.

There are several ways to ...

Tue, 04 Oct 2011 17:40:00 GMT

There are several ways to purchase a home without putting any money down. Feel free to call me and I can go over your options with you.