What’s up everyone my name is John Ely your local Phoenix Realtor and this is Selling Phoenix…! Where we talk shop about all things Real Estate, wether your buying, selling, or investing… we have you covered! Today we are talking about how to buy house for ZERO DOWN.
When I 1st moved back to Phoenix I got a job in 3rd party collections… I was in my early 20’s, living Pay Check to Pay Check, needless to say saving money was a luxury, and buying a house didn’t even seem like an option to me. I didn’t have thousands of dollars, I didn’t have a 20% I barely even had a savings account. It was one of those situations that I didn’t know what I didn’t know. Fast forward to today I have the pleasure of talking with people on a daily basis who had those same thoughts, doubts, and those who also don't know what they don't know.
Buying a home can be a reality even for those who basically live from pay check to pay check. So, buying a home is broken down into two different main costs…
You have your Down Payment and you have Your Closings Costs
Today’s real estate market lenders and mortgage professionals offer different forms of down payment assistance. Some programs have been around for years and other programs are only around until that money or fund is gone. Some of these down payment assistance programs.. grants home buyers their entire down payment.
Meaning you don't have to pay anything towards it, now not all lenders or banks are able to do these programs so it very important you get in touch with the right mortgage professional. Which will take about 20 minutes, there are typically some qualifications you need to meet with credit being one of them, Your credit DOES NOT need to be perfect to qualify.
Now Your closing costs is your other main cost …they’re made up of your bank fees, taxes, insurance, and other home buying fees. Majority of the time these can add up to several thousands of dollars. BUT, you can negotiate these costs to be paid for… by the person who’s’ home you're buying.
Now it’s not an easy or simple task convincing someone that they need give you thousands of dollars. So my tip for this is to get someone that has done it before to help guide you through this entire process.
Using both of these strategies you can literally buy a house with no down payment & no closing costs. Yeah, mind blown!
Welp…! That wraps up Episode 9 of Selling Phoenix I hope that these 2 tips on how to buy a home for Zero Down helps you become a homeowner sooner than you ever thought possible. I want to thank you so much for watching, If you have any Real Estate questions for Episode 10 please comment them below, smash that Like button if enjoyed the video, and……! and….! ill see you guys next time