How Do You Buy Foreclosed Properties For $0 Down?
Here’s how you can buy property with only having to put little or no money as a down payment. • You will still have to make an earnest money deposit, something like $100 – 1,000 is common, $500 is standard in most states (this money is not refundable, and basically it sets you up a reasonable amount of time to close on the property, you pass that date, the bank takes your money). Earnest money is not required for the transaction. It is simply a guarantee that you intend to fulfill the deal. And, with any Buy/Sell agreement properly written earnest money actually is indeed refundable. • If you are a first time home buyer you can potentially utilize an FHA (Federal housing administration) Loan. You can purchase a property with “Zero Down,” zero closing costs, and it will more or less be tacked into the mortgage (and you’ll end up with .5 – 1.0% higher interest rate than market is yielding for your credit type). The property however must pass specific guidelines, you will not be able to u
