Posted by GL(ON) on April 08, 2002 at 20:32:19:
75% mortgage and 25% cash down payment is standard. Today there are special deals available from lenders (banks) that will give you 90%, 95%, 97% and even 100% of the cost of a house. I have heard of loans for more than 100% of the price of the house, if your credit is really golden.
So you may only need 3% 5% or 10% cash down. These are all conventional.
If you don’t have it, could you find a partner that does? He doesn’t even need it in cash if he can borrow it. And if the property brings in enough rent, that will cover the payments.
This is only scratching the surface. There are dozens of ways of buying with low or no down payment.
It costs money to make money, but it doesn’t have to be your money.
Read the articles in the yellow bar on the left of this page, as well as the messages on this board, for more creative ideas.