Re: I have $0 saved for a down payment. I want to ...
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Home loans

First of All: 1) you need to START SAVING MONEY any way you can and probably put it in a Credit Union Savings Account since they are currently paying better interest than a Bank. 2) You need an EMERGENCY FUND of at least 6 Months of your Net Salary after Taxes. 3)Don't take on any Debt or Limit it to a Bare Minimum.  4) Apply for a 0% Credit Card with at least 18 months Interest Free that ALSO HAS FREE CREDIT FICO SCORE MONITORING and use it to make small purchases and then make MORE than the Minimum Payment Every Month by either paying off the balance every month or paying at least 4 times the Minimum Payment. Your Credit Limit will be Increased by the Credit Card Company Eventually and Your  FICO CREDIT RATING SCORE will most likely INCREASE if you play it right. 5) Check online to see if YOUR STATE has a FIRST TIME HOME BUYER PROGRAM that YOU CAN QUALIFY FOR. Usually they have DOWN PAYMENT ASSISTANCE and LOWER INTEREST RATES. 6) Find a Home you want to Purchase and work with YOUR REAL ESTATE AGENT, NOT THE SELLER'S AGENT to Make a Purchase Offer that requests Cash Back From the Seller at the Closing to USE FOR CLOSING COSTS AND FEES. I did it. The Seller gave me $3,000 for Closing Costs, MY STATE gave me $2,500 for Down Payment Assistance and I bought a $97,000 House for ONLY $1,300 out of MY OWN POCKET. 7) Make sure that in YOUR OFFER TO PURCHASE you RESERVE THE RIGHT to HAVE THE PROPERTY INSPECTED by A HOME INSPECTOR, Request the SELLER PAY FOR REPAIRS(VA & FHA require it), or get CASH at Closing for the Repairs. AND, have ESCAPE CLAUSES, i.e. SUBJECT TO's built in so you can back out of the deal if it's a MAINTENANCE MONEY PIT and the Seller won't budge. Let them keep it! A good BUYERS AGENT will PROTECT YOUR BEST INTERESTS. 😎 GOOD LUCK, My FIRST Property the Seller wouldn't pay for needed repairs so I dumped him and found another Property and An Initial Offer, Seller Counter, and My Counter Offer, Seller Acceptance and VOILA! I own a home and my P.I.T.I. Mortgage is way cheaper than RENTING A SIMILAR PROPERTY.

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