Countless people do not know that it is possible to purchase a home without paying anything for a down payment. Investing in a home without the use of a down payment can be very useful for those who are trying to purchase investment property. This is especially useful if your intention is to flip the property. If you are interested investing in a real estate property without paying anything, continue reading.
Roll the Down Payment
It is possible for you to roll your down payment into the purchase price. A few lenders and sellers will actually let you do this. However, you should understand that rolling the down payment into the purchase price would mean that your monthly payments would be higher. That should not matter if you want to sell the property. Selling it fast will not have an effect on your bank account.
Use an Installment Plan
There are some cases when you will be able to negotiate an installment plan with the owner of the home. With an installment plan, you can just pay the owner part of the down payment each month. This will not affect the price of the home.
Transfer the Mortgage
If the seller is willing to do so, you may be able to transfer the owner’s mortgage to you. Transferring the mortgage is extremely common among homes that are facing foreclosure. The homeowner will want to sell the home as fast as possible. In cases like this, the homeowner may be willing to work with you. If you want to close this deal, you can use an assignment of contract.
Talk to Your Bank
A lot of different banks offer programs designed for those who do not want to make a down payment. These programs let you put down little to no money on the real estate purchase.