You can buy with little or nothing down

No matter where you live, there's a low- or no-down-payment property finance plan waiting for you. Without a doubt, if you shape up your fiscal fitness you can become a property owner without a large down payment.

What's more amazing, the down payment, small as it may be, need not come from your own pocket. Some property finance plans allow you to raise all or part of your down payment through loan, gift, grant, rent credits, investment partners, or do-it-yourself (sweat) equity.

Nevertheless, even though you can buy a property with little or nothing down, first realistically (even pessimistically) critique your patterns of spending, borrowing, and saving. "No cash, no credit, no problem" may get you the financing you want, but it won't keep you out of foreclosure. Prudence dictates cash reserves.

Have you taken control of your finances? Or might "nothing down" deepen your failure to manage your money diligently? During the past year or two, record numbers of marginal borrowers (homebuyers and investors) have defaulted on their mortgages. Mortgage Secrets definitely encourages you to acquire a portfolio of properties. For most people, property represents the best route to wealth. Definitely, read this chapter to learn the techniques of little or nothing down. But also, put Secret #4 (Shape up your borrower profile) into practice.

Do not merely buy a property; you want to own it until you sell—on your own schedule. Unfortunately, experience shows that "little or nothing down" borrowers suffer foreclosure at rates 4 to 10 times higher than borrowers who make a down payment of at least 20 percent. Play it safe. Budget carefully. Allow for the unexpected.

Win The Foreclosure Battle

Win The Foreclosure Battle

Get All The Support And Guidance You Need To Be A Success At Beating Foreclosure. This Book Is One Of The Most Valuable Resources In The World When It Comes To Successful Strategies To Save Your Home and Finances.

Get My Free Ebook


Post a comment