How 2 buy house with no downpayment. and i makes over 40,000/year?

im renting for 700/month. how can i not get a house. but, i don't have a downpayment. can you get a house without it ?How 2 buy house with no downpayment. and i makes over 40,000/year?
you should save 10% for a downpayment and have an emergency fund of 6 months before you buy a home this is the reason our country is in such bad shape because too many people got into homes when they werent ready and disciplined enough to look ahead a little waysHow 2 buy house with no downpayment. and i makes over 40,000/year?
During this time of recession your chance of buying a house with no downpayment are slim to none. But, consider yourself lucky that you didn't get caught up in the adjustable rate mortgages. Owning has more responsibility than renting. Even if you buy a house what you pay during a 30 day mortgage because of interest it is doubtful you will recover what you paid initially. In addition to the house payment you will pay taxes and pay for your own repairs. Both ownership or renting have their advantages. Good luck.
Unfortunately the days of 0 down are long gone.


When Bill Clinton pointed his finger and said


';I want every american to own a home';, de regulation started


First thing was company called Quicken loans came out with 0 down interest only loans.


The mortgage markets went nuts with the freedom to loan to anyone at any price.


Now we are coming full circle again - back to normal.





If you are first time home buyer, you can be approved for an FHA loan.


You will neeed 4% down as of today.


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If your credit is excellent and you have verifiable income, there are products available (March 2009)





The way these products work is that you would be forwarded the 5% down-payment with the rest of the mortgage, on closing.That 5% would be part of your total mortgage, which you would pay back over time.





The one that I've seen is for a 5 year term at an interest rate significantly above the standard lending rate. I can imagine there is also a significant penalty for switching the mortgage to someone else. This product is most likely with a private lender - I don't think the banks would be interested, no matter how profitable the arrangement.





Definitely not for everyone, as you are locked in with a higher than normal interest rate, but if it gets you into a home and not paying rent anymore it may be worth it. Especially with all the deals on real estate currently out there.





For more information contact http://chrisandterra.ca
If you are a first time home buyer with decent credit i believe that you can.
There are just a few lenders that offer out 100% financing loans. The rate is a little bit higher. Depending on your situation it might not be worth the extra costs to go about it this way. You can also get cash back mortgages. This is where you come up with 5% for a down payment and then when you close at the lawyers you get up to 4% back. There are a few lenders that are heavily advertising it right now.





TD Canada Trust and CIBC are the most common.


Talking to a Mortgage broker is always the best way to shop for the lowest rates.


www.mortgagebrokerrate.com
Unless you are a veteran and can access a VA loan, there are no zero-down payment mortgages anymore. The best you can do is shoot for an FHA loan which requires 3 to 3.5% down. You will probably also have to pay closing costs (figure another 3 to 5 percent of the sale price).