Can You Buy A Home with No Money Down?

by | Jan 8, 2018

Hey home buyers and home sellers! It’s Adrianne with and the Hooker home team. I wanted to make a quick video about the zero money down ads that you are seeing in your social media – whether you prefer the Facebook platform or snapchat if you’re looking at Instagram even on and Pinterest you see ads that say zero dollars down.

It might be a beautiful home and it could be captioned – you can own this home for zero dollars down. Just know that though the downpayment can possibly be eliminated through a grant program or a bond, or you’ll hear referred to as downpayment assistance that just refers to the downpayment there are also closing costs associated with your purchase that you will need to work with your lender to establish. Also, in addition you have an option fee to pay there’s earnest money that you need to pay. Your lender is very likely going to require an appraisal so you’ll need to pay for an appraisal which is four to five hundred dollars and then lastly closing costs and downpayment so the ABS look very attractive you get drawn in pretty quickly.

Understand that is real glittery and exciting but at the end of the day there is not a home that you can purchase for a zero investment out of your pocket. So I just wanted to make that clear as we step into the new year that those programs are very likely bond programs or grant programs or again you hear them referred to as a downpayment assistance grants or some verbiage that’s similar to that but there is not a home that you can purchase for zero money down. You’re still responsible for closing costs. You’re still responsible for a year inspection for your appraisal for putting down your earnest money which is one percent of the cost of the home so keep those things in mind when you’re clicking on those ads. Okay! If you have questions you know where to find me on the web at or on Facebook at LiveinDallasTexas I look forward to talking to you soon have a great week!

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