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buying a house with no down payment?

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steffb503

Member
What is the name of your state (only U.S. law)? NY
Is it ever possible to buy a house without a down payment? I would like to make an offer on a house but get back the good faith check and have the down payment and closing costs added to the mortgage. Is that possible?
 


Zigner

Senior Member, Non-Attorney
What is the name of your state (only U.S. law)? NY
Is it ever possible to buy a house without a down payment? I would like to make an offer on a house but get back the good faith check and have the down payment and closing costs added to the mortgage. Is that possible?
No, but you may be able to get a second for the down payment...speak to a loan broker/banker about this. It's not a legal question.
 

adjusterjack

Senior Member
What is the name of your state (only U.S. law)? NY
Is it ever possible to buy a house without a down payment? I would like to make an offer on a house but get back the good faith check and have the down payment and closing costs added to the mortgage. Is that possible?
Possible, but unlikely, as lenders want you to have a monetary stake in the property so if you default you are walking away from your own money.
 

STEPHAN

Senior Member
Sometimes small local community banks do this if you have extremely good credit or the house is a really good deal.
 

miftah09

Junior Member
In my country, its not possible to buying house with down payment. But if you pay a down payment at a cheap price, it could be happen.
 

quincy

Senior Member
What is the name of your state (only U.S. law)? NY
Is it ever possible to buy a house without a down payment? I would like to make an offer on a house but get back the good faith check and have the down payment and closing costs added to the mortgage. Is that possible?
It can be possible to purchase a home with no down payment if you find the right seller and forgo a bank loan.

Although not as common today because of low interest rates, houses were sold with some frequency by having the seller finance the sale through a land contract purchase agreement. These agreements can be fashioned in a way that can be beneficial to both buyer and seller - but such an agreement should not be considered without professional help. While there can be benefits, these agreements also can carry greater risks.
 

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