Yes and no... While you can certainly purchase a home with a No Down Payment mortgage, (assuming you qualify and meet the No Down Payment loan guidelines) there are still closing costs to pay. So, if you can negotiate your contract properly and have the seller pay all of your costs... YES, you can purchase a home with no money, sort of.
Even though you have No Down Payment and the seller is paying all of your closing costs, you still need some money. When you write your contract, you will need money for a deposit and you typically need to pay for your appraisal too. So, you will need some money to purchase a home... you can structure your financing so you get your deposit and appraisal money back at closing!
The answer is yes and no. You can purchase a home with no down payment and seller paid closing costs, but, you will need a few bucks during the process. As long as you can part with a few bucks for a few weeks until it comes back to you at closing... you can do it!!
Call us at 717-431-9299 to discuss how you might be able to accomplish this and become a home owner.
Ken Pederson
FAIRWAY Independent Mortgage Corp.
nmls: 134943
Mortgages in PA
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