There are many ways to buy a home, even if you have bad credit and little or no money to put down. A few of the basics are sweat equity, seller carry-back, rent-to-own, and community programs.

Fernando Herboso

Tips and Tricks Expert in Real Estate

301-246-0001

Yes, email me more information and a list of Down Payment Programs

Here are a few of the basics:

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Sweat Equity: 

Sweat Equity is a way to get a home by trading work for equity in the house. This could be used for a down payment or for purchase later for a rent with option to buy home. 

LITTLE OR NO MONEY DOWN

Seller Carry-Back

Look for a home with an assumable loan. Instead of buying out the owner's equity, ask the seller to carry back a second mortgage for the rest of the money owed. 

Foreclosures

Look for foreclosure properties that require little or no down payment. Some lenders and government agencies will let you buy a foreclosure with no down payment if your credit is good and they're anxious to have the home occupied

VA or Other No Money Down Loans

 Look for conventional loan programs such as VA or FHA that require little or nothing down.  VA loans has helped countless of veterans get into their homes. There are often programs available to first time buyers or people who are distressed (such as a natural disaster area) that will help people get into a home with little money down.  

Find an Investment Partner for Equity Sharing

Look for an investment partner who'll put up some or all of the cash in an equity-sharing partnership. You make the monthly payments and the two of you split the eventual resale profits.

Wrap-Around Financing

Wrap-around financing is where you assume a seller's VA Loan by doing a new Contract for Deed.  Since this contract is flexible and does not have to follow the old loan, you can ask the seller to carry not only the loan amount, but the rest of the purchase price of the house, letting you get in with little or no money down.

Direct Rent-to-Own or Lease-Option

This is really is one of the best ways to get into a home of your own when you can't get a bank loan.  Remember that you may still have to get a loan down the line.  If you have a lease-option for 3 years, at the end of that time, you will need to purchase the house, so you can use the time to fix your credit, or use one of the other options that are discussed in our book to purchase the house at that time. You can always try to negotiate another 1-year lease-option if you need more time. 

Government and Community Down-payment Programs

There are many community and non-profit organization programs out there to help people get into homes of their own. Many of these do no require any money down. 

There are some organizations and programs that will pay for some or all of the down payment for you. Generally these are for lower to moderate-income individuals

Request an updated list of local organizations that have down payment assistance programs:

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Fernando Herboso

Maxus Realty Group

Fernando@reallynicehomes.com

23820 Bennett Chase Dr

Clarksburg MD 20871

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