How Do You Buy A House Without A Down Payment?
Buying a home is exciting, but the home buying process is expensive. You often have to pay a variety of upfront fees such as an earnest money deposit, appraisal fee, home inspection fee and closing costs. Additionally, some lenders require a down payment. However, there are ways to cut costs and purchase a home with no money down. Step 1 Check your FICO score. To purchase a home with no money down, the majority of lenders require a minimum credit score between 680 and 700. Before applying for a loan, check your credit score and see whether you qualify for this type of financing. Step 2 Pay down your debts. Individuals with a high debt-to-income ratio may not qualify for a no money down home loan. Resolve to pay down your credit card balances and other debts. This increases your disposable income and raises your credit score. Step 3 Practice good credit habits. Paying your bills late or skipping payments lowers your credit score. Make every effort to pay your bills on time–on or before
