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Can You Really Buy A Home With 0 Down?
Information for Buyers
Yes and no.
It is possible to get financing with no down payment through a variety of loan programs. This can be a great way for those just starting out to get into their first home.
However, there are a number of costs that go with purchasing a home that can not be ignored. For instance:
Earnest Money: When you make an offer on a home you include what is called "earnest money". This money shows the seller that you are a serious buyer. The more earnest money you put with your offer, the stronger your offer will be. We recommend a minimum of $500 with any given offer.
Professional Inspection: When you have an offer accepted on a home your interested in, it is HIGHLY suggested that you have that home inspected by a professional home inspector. This is to avoid any hidden issues with the home showing up after you have moved in, and creates an opportunity to ask the sellers to repair any needed items before the closing of your transaction.. Inspectors can save you thousands in unwanted and unexpected home repair costs. The average cost for inspection runs from $300 - $400 dollars depending on the property.
Remember, it is not unusual for a variety of costs to come into play when moving into your new home. Utilities, mov ing expenses and other various possible costs should always be taken into consideration.
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