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1st time home buyer


Lema
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Looking into purchasing my first home/condo.

1.Has anyone ever accomplished this with little to no money down?

2.Is it possible? 

3. Has anyone ever leveraged their credit to obtain property/real estate? 

 

It will be for primary residence  but eventually plan on transitioning it into a rental property. I currently reside in Hawaii if that makes a difference.

 

Thank you 

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I have seen a number of clients use different methods. (These may differ by state).

In MN, Bank of America offers up to $10,000 towards closing costs if you get a loan from them. This can be combined with a MN housing loan, for down payment, which means virtually nothing out of pocket for buyer.

I'm not in any way saying people should buy a house if their cash poor, you don't want a water heater going out a month after you close, but it can be done.

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15 hours ago, Lema said:

Looking into purchasing my first home/condo.

1.Has anyone ever accomplished this with little to no money down?

2.Is it possible? 

3. Has anyone ever leveraged their credit to obtain property/real estate? 

 

It will be for primary residence  but eventually plan on transitioning it into a rental property. I currently reside in Hawaii if that makes a difference.

 

Thank you 

 

1.  Of course.  VA loans don't require any money down but you have to have served in the military and can't have a dishonorable discharge.

 

2.  Yes but that doesn't mean it is always a good idea.

 

3.  Making a major purchase that requires financing IS leveraging your credit.

 

Be very careful about financing a home to turn it in to a rental property.  Especially in Hawaii.  With the covidiocy and the numbers of renters who are flat out refusing to pay as the moratoriums keep getting extended you could quickly lose the property if you end up with a bad renter who not only stops paying but trashes the place.  Another problem is many loans now have a restriction on doing this in order to get the best terms.  The VA loans specifically state they are for your PRIMARY residence and you have to attest in writing that is why you are buying the home.  Financing a second home as a rental has a very different process and probably rates too.  I am not an expert but I am sure that FHA and other government run loans don't want to get in to the rental secondary homes market with the way things are currently.

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