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What If You Can't Put Any Money Down?

 
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Manage episode 167203442 series 1123396
Treść dostarczona przez Justin Woodall. Cała zawartość podcastów, w tym odcinki, grafika i opisy podcastów, jest przesyłana i udostępniana bezpośrednio przez Justin Woodall lub jego partnera na platformie podcastów. Jeśli uważasz, że ktoś wykorzystuje Twoje dzieło chronione prawem autorskim bez Twojej zgody, możesz postępować zgodnie z procedurą opisaną tutaj https://pl.player.fm/legal.
If you want to buy a home without putting any money down, you might have to get creative with your financing options. These are some of the options you can choose from.

Looking to sell a home in Athens, Georgia? Click here for a Home Price Evaluation
Looking to buy a home in Athens, Georgia? Click here to perform a full home search
Are there options to buy a home with 100% financing? Are there funding opportunities for these properties and rehab costs?

If you're considering buying a house as your primary residence to live in, there are definitely options to get 100% financing or very close to it. If you're thinking about buying a house to flip or own as an investment property, it's more difficult to get 100% financing. It's possible, but not easy.
A hard money lender may loan you up to 65% or 75% of a home's value after repair. This means you'd need to buy the home for significantly less than what it's worth, then, have an appraisal done to show the hard money lender that it's really worth more than what you paid.
There are plenty of options for 100% home financing.
For example, if the value of a house is $100,000 after repair but needs $25,000 worth of rehab, and the hard money lender is loaning you $65,000, you would have to be able to buy that house for $40,000. As you can see, it's tough to buy a house at a priced that low with no money down. Additionally, hard money loans are much more expensive in terms of interest rate and fees.

If you have 20% to put down on a home, a lot of local banks will fund the purchase and the rehab cost since that 20% is a significant amount of skin in the game for you.

Finally, there is the option of finding a partner. If you can find a partner to provide the cash on the condition that you do the legwork, it could be a win-win.

Hopefully, that clears things up for you about 100% financing options for buying a home and some alternatives to it. If you have any questions about this topic or about Athens real estate in general, give us a call or send us an email. We're here to help!
  continue reading

20 odcinków

Artwork
iconUdostępnij
 
Manage episode 167203442 series 1123396
Treść dostarczona przez Justin Woodall. Cała zawartość podcastów, w tym odcinki, grafika i opisy podcastów, jest przesyłana i udostępniana bezpośrednio przez Justin Woodall lub jego partnera na platformie podcastów. Jeśli uważasz, że ktoś wykorzystuje Twoje dzieło chronione prawem autorskim bez Twojej zgody, możesz postępować zgodnie z procedurą opisaną tutaj https://pl.player.fm/legal.
If you want to buy a home without putting any money down, you might have to get creative with your financing options. These are some of the options you can choose from.

Looking to sell a home in Athens, Georgia? Click here for a Home Price Evaluation
Looking to buy a home in Athens, Georgia? Click here to perform a full home search
Are there options to buy a home with 100% financing? Are there funding opportunities for these properties and rehab costs?

If you're considering buying a house as your primary residence to live in, there are definitely options to get 100% financing or very close to it. If you're thinking about buying a house to flip or own as an investment property, it's more difficult to get 100% financing. It's possible, but not easy.
A hard money lender may loan you up to 65% or 75% of a home's value after repair. This means you'd need to buy the home for significantly less than what it's worth, then, have an appraisal done to show the hard money lender that it's really worth more than what you paid.
There are plenty of options for 100% home financing.
For example, if the value of a house is $100,000 after repair but needs $25,000 worth of rehab, and the hard money lender is loaning you $65,000, you would have to be able to buy that house for $40,000. As you can see, it's tough to buy a house at a priced that low with no money down. Additionally, hard money loans are much more expensive in terms of interest rate and fees.

If you have 20% to put down on a home, a lot of local banks will fund the purchase and the rehab cost since that 20% is a significant amount of skin in the game for you.

Finally, there is the option of finding a partner. If you can find a partner to provide the cash on the condition that you do the legwork, it could be a win-win.

Hopefully, that clears things up for you about 100% financing options for buying a home and some alternatives to it. If you have any questions about this topic or about Athens real estate in general, give us a call or send us an email. We're here to help!
  continue reading

20 odcinków

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