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 AJRenegade
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 House with no down payment? 
#14638556 - 06/19/11 06:21 PM (2 years, 19 hours ago) |
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is it possible to get a home with no down payment. i'm really young (18) but want to get a home as soon as i can before the prices go back up. is it possible to get a house without a down payment. i will have enough money for a cheap mortgage. 1000/mo but i dont have lots of money at this moment. i would like to get a home so that i can later rent it out and make some money off of it. or just own land and let it appreciate in value by the time im 50 or so
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Mycjunky
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Re: House with no down payment? [Re: AJRenegade]
#14647881 - 06/21/11 01:18 PM (1 year, 11 months ago) |
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It seems the chance of house prices going up much is pretty slim. You probably have a couple of years to save up before they go back up any large margin but ya never know I guess. You can get a house with a 3% down payment for first time home buyers which is pretty damn low. Should really only take like 6 months if your living at home with no expenses and making $1000/month.
Edited by Mycjunky (06/21/11 01:18 PM)
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 Doc_T
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Registered: 03/06/09
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Re: House with no down payment? [Re: AJRenegade] 1
#14647889 - 06/21/11 01:19 PM (1 year, 11 months ago) |
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No way a legit lender is going to sell a house to an 18 year old with no money down.
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AJRenegade
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Re: House with no down payment? [Re: Doc_T]
#14650114 - 06/21/11 08:54 PM (1 year, 11 months ago) |
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well sweet 3% im cool with. im living on my own now but am pretty good about money and can easily save up enough money by the time i graduate college. as for you doc_t i read about some stuff called kiddy loans and they are for college kids with no money down but a stable income (me). i only want a house thats like 70k or so and itd be my girl and i splitting it so idk. hopefully southern oregon has my dream home
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Doc_T
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Re: House with no down payment? [Re: AJRenegade]
#14650166 - 06/21/11 09:02 PM (1 year, 11 months ago) |
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Go talk to a realtor.
Never heard of 'kiddy loans' but it sounds like a scam. 
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AJRenegade
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Re: House with no down payment? [Re: Doc_T]
#14650217 - 06/21/11 09:13 PM (1 year, 11 months ago) |
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thats what im gonna do. yeah it might be but iv heard it from a few different housing info sights. they said to ask a realtor about kiddy loans cause they are supposedly cheaper but idk. i'll see in a few years. thanks guys
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GabbaDj
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Re: House with no down payment? [Re: AJRenegade]
#14650928 - 06/21/11 11:21 PM (1 year, 11 months ago) |
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Quote:
AJRenegade said:
is it possible to get a home with no down payment.
I think they only allow foreigners to do that. Good luck.
Seriously though, many programs are available and they varry from state to state and county to county. The short answer is, YES.
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zappaisgod
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Re: House with no down payment? [Re: AJRenegade]
#14658815 - 06/23/11 12:48 PM (1 year, 11 months ago) |
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http://www.wealthcreationteam.net/fha_kiddie_condo_loan.htm
You need a blood relative with enough solvency to assume the risk and qualify. 10 second google search.
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ChicagoMorel
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Re: House with no down payment? [Re: AJRenegade]
#14949530 - 08/19/11 10:57 PM (1 year, 9 months ago) |
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FHA will let you buy with 3% down, and they will even let sellers give you a credit. I'm not sure what city you are in, but I buy preforeclosures for ridiculous prices. Just bought a 3 unit for 35K, rents are 3K/month! Shit buy a multi unit live in one and rent the others. It's not a neighborhood I'd bring my family to, but it's not a bad ghetto either. Live there one year to fulfill your residency as owner occupied, then re mortgage cash out, go buy another pl;ace with that money.
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zappaisgod
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Quote:
ChicagoMorel said:
FHA will let you buy with 3% down, and they will even let sellers give you a credit. I'm not sure what city you are in, but I buy preforeclosures for ridiculous prices. Just bought a 3 unit for 35K, rents are 3K/month! Shit buy a multi unit live in one and rent the others. It's not a neighborhood I'd bring my family to, but it's not a bad ghetto either. Live there one year to fulfill your residency as owner occupied, then re mortgage cash out, go buy another pl;ace with that money.
Are you talking about the tax exclusion for primary residence? I don't think you can get a tax exclusion on a multi family and it takes two years of occupancy, not one.
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ChicagoMorel
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Re: House with no down payment? [Re: zappaisgod]
#14961069 - 08/22/11 03:02 PM (1 year, 9 months ago) |
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what tax exception are you talking about? Also, you can cash out FHA to 95% after 12 months. Actually, less now but it is unclear exactly when.
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"Evolution is the slow conquest of dimensions, and music has always been the way."-Terrance McKenna
"Sounds like funny machines!" -My 7 year old daughter Makayla, while listening to Shpongle.
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zappaisgod
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Profit exemption from taxes on $250K single $500K couple from the sale of a primary residence after 2 years of occupancy. What does "cash out FHA" mean?
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ChicagoMorel
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Re: House with no down payment? [Re: zappaisgod]
#14966939 - 08/23/11 07:08 PM (1 year, 9 months ago) |
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cashout is a refinance where using the current appraised value, you can convert equity to cash. No sale needed. The cash is considered loan proceeds and not taxable.
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"Evolution is the slow conquest of dimensions, and music has always been the way."-Terrance McKenna
"Sounds like funny machines!" -My 7 year old daughter Makayla, while listening to Shpongle.
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zappaisgod
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Oh. You just refinanced for a higher amount. You still owe the money. At interest.
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ChicagoMorel
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Re: House with no down payment? [Re: zappaisgod]
#14971012 - 08/24/11 03:16 PM (1 year, 9 months ago) |
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yes, very low interest. Use debt constructively. If you borrow equity at say 5%, and you use that money to acquire a property returning 15%, you have a 10% ROI
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"Evolution is the slow conquest of dimensions, and music has always been the way."-Terrance McKenna
"Sounds like funny machines!" -My 7 year old daughter Makayla, while listening to Shpongle.
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zappaisgod
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Quote:
ChicagoMorel said:
yes, very low interest. Use debt constructively. If you borrow equity at say 5%, and you use that money to acquire a property returning 15%, you have a 10% ROI
That is certainly true. Where I live they call that a unicorn. Traditionally the assumption on rental property was that it would take a few years for a positive cash flow, i.e. payments stay the same but revenues increase gradually until after, say, 5 years it becomes profitable. Further, there is no bank I know of that will lend 95% on a negative cash flow investment property. If the FHA is doing that they should be fucking shot.
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ChicagoMorel
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Re: House with no down payment? [Re: zappaisgod]
#14973154 - 08/24/11 10:34 PM (1 year, 9 months ago) |
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FHA will not lend on an investment property, it has to be owner occ. I was saying to by a 2 or 3 unit, live in one unit, rent out the rest.
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"Evolution is the slow conquest of dimensions, and music has always been the way."-Terrance McKenna
"Sounds like funny machines!" -My 7 year old daughter Makayla, while listening to Shpongle.
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zappaisgod
horrid asshole
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Quote:
ChicagoMorel said:
FHA will not lend on an investment property, it has to be owner occ. I was saying to by a 2 or 3 unit, live in one unit, rent out the rest.
They'll do that? At 95%? And where the hell can you buy a positive cashflow building when half or a third is producing no income? Hell, you can't find a positive cashflow building around here period. Not at first. Sellers up their price to suit loan costs. They aren't stupid.
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ChicagoMorel
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Re: House with no down payment? [Re: zappaisgod]
#14985956 - 08/27/11 12:06 PM (1 year, 9 months ago) |
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they are called short sales and they are all over. I get a discount on top of a discount. bank appraised at 120K,I negotiated down to 35K.
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"Evolution is the slow conquest of dimensions, and music has always been the way."-Terrance McKenna
"Sounds like funny machines!" -My 7 year old daughter Makayla, while listening to Shpongle.
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zappaisgod
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That's a beautiful thing. Of course, I have absolutely no desire to live anywhere where you can buy a multi-family for even $120,000. Where the hell is that? Watts?
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