How Can I Buy Real Estate With Little Or Nothing Down?
Figures from the National Association of Realtor’s 2010 study of buyers and sellers shows that typical first-time buyers bought with 4 percent down while repeat purchasers paid 14 percent down.
The repeat buyers presumably could put more down because they had equity from the sale of house #1 and they were older and had more time in the work stream.
In today’s market, individuals can buy with 3.5 percent down with FHA financing. Qualified individuals can get VA loans with nothing down. Conventional loans with as little as 5 percent down are available with private mortgage insurance. Mortgage programs from state agencies are sometimes available with little down.
In addition to cash for a down payment, buyers must also have cash for closing, moving, reserves, etc. For specifics, speak with brokers and lenders.
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