Buying Homes with No Money Down – Fact or Fiction?

Home Buying bargains are everywhere but just when you think you know everything you learn there’s fact to buying with no money down.

Imagine purchasing a home and your local county city or state funds your down payment and closing cost?  Well it’s true; while some may need to meet eligibility guidelines, such as occupation or salary there are some neighborhoods zoned for revitalization programs that offer you a great deal on the price of a home and benefits that include down payment and closing cost assistance.

Now just because you hear phrases such as “Revitalization Zone” don’t begin to panic.  While some homes may be in undesirable neighborhoods and are more or less fixer uppers there are others that are complete gems.

Keep in mind, the term “revitalization” is based on neighborhood economic development needs not its cosmetic assets. A little time and patience and a quick drive to inspect the neighborhood are well worth buying a home with the benefit of financial assistance.

Many programs require the home buyer to remain in the home for a specified time. This is just assurance to make sure the new home buyer will stay for a while to help “revitalize” the area.  This helps to narrow the field when they turn their noses up to flipping the property.

You may be surprised to find what lurks around corners; diamonds in the rough that require no money down from you.  Of course, you won’t find these programs advertising that phrase, “No Money Down” and this is why most people do not seek out these grant programs.  Research home buying grants or better yet ask your realtor to help decipher the various grant programs that you’ll qualify for.