Innovative approach to buy a home -english

 Even if you have little or no money, there are many ways to buy a home.  Here are some basics:

  1. Sweat Equity

  Sweat equity is the way to get home by trading for home equity.  It can be used for down‌ payment or later purchase.  The Great Technique if you have experience in tools, yard-work and paintwork.

  Look for fixer-ups in environments that interest you.  Many times it is very difficult to sell these homes and the owner is ready for any offer.  You will find these homes ranging from requiring a little “cosmetic” work, such as landscaping or painting, to completely trashing homes that require some serious remodeling.  If you are in repair, this is a great way to get a home for a good deal.

  If you do not specialize in repairs and reconstruction, be careful about fixer-upper housing.  It will cost you a very large amount of money to pay others to fix them.

  I also recommend getting a home inspection so you know exactly what you have before you start.

  2. Seller carry-back

 Look for a home with a predictable loan.  Instead of buying the owner's equity, ask the seller to repay the second mortgage for the remaining money.  If you can get a seller to carry the rest, you can get a house without money.

  3. Offer an item for down payment

  Offer the seller something other than cash (land, car, boat or valuables) in lieu of cash down payment.  That’s why it’s so important to listen to the sellers.  Find out what they want and need.  You can have (or get) what they need.  For example, they may want to use a low-payment to buy an RV and you have what you do not need.  Offer that vehicle as a down-payment and it will protect you from getting cash.

  4. Offer services for down payment

  Offer your services or expertise to the seller instead of down payment.  Some examples include $ 10,000 worth of auto services if you are a mechanic, dental work if you are a dentist, desktop publishing services if you are a designer, artifacts if you are an artist or legal work if you are a lawyer.  .

  5. Foreclosures

  Look for foreclosure features that require less or less payment.  Some lenders and government agencies allow you to buy a foreclosure without a down payment if your credit is good and they are anxious to occupy the house, or if you have the skills (carpentry, landscaping or painting) you can use to increase the value of the home.  Affected Symptoms - Hold ume more or less to save foreclosure.

  6. VA or other non-cash loans

  Look for traditional loan programs like VA or FHA that require little or nothing.  VA loans help countless veterans get into their homes.  There are often programs available for first time buyers or sufferers (such as Hurricane Katrina) that can help people access a home with less money.  You should generally be eligible for a loan with a bank.

  7. Find an investment partner for equity sharing

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

  8. Wrap-around financing

  Wrap-around financing means you take out a seller’s VA loan by making a new contract for the deed.  Since this agreement is simple and does not require you to follow the old loan, you can ask the seller to take not only the loan amount, but also the purchase price of the rest of the house, you will enter with little or no money.

  9. Rent-own or lease-option

  This is a really good way to get into your own home when you can’t get a bank loan.  Remember that you still have to get a loan.  If you have a 5-year lease-option, at the end of that time, you will need to buy a home, so you can use the time to settle your credit or use one of the other options discussed in our book to buy a home at that time.  If you need more time you can try to discuss another 5 year lease-option and write in the agreement.

  10. Government and community down-payment programs

  There are many community and non-profit organization programs to help people get into their own homes.  Most of these do not require money.

  There are some companies and programs that will pay for some or all down payment for you.  Usually these are for low- to middle-income people, but there are many these days.  You will usually need to qualify for an FHA loan (which is somewhat easier than a traditional bank loan). If you do not have enough money to make a down payment, then one of these programs is for you.

author: Shyama Sunder.