How to Buy a Des Moines Home with No Money Down
October 28, 2009 by Customer Care
How to Buy a Des Moines Home with No Money Down, By Des Moines Real Estate Experts RE/MAX Real Estate Concepts
Sometimes getting the money together for a down payment for a Des Moines home is the reason why a renter is not able to go ahead and purchase a home. It may be that they are able to get financing for the monthly payments, but do not have any extra to put together a substantial first payment. Here are a few ideas to help you get a home in Des Moines with no money down.
#1. Carry Back by seller
Sometimes you can find a Des Moines homeowner that is willing to sell and carry back a second mortgage. This means that you are taking an assumable loan and not buying out the equity of the owner. Sometimes it can be difficult to find a seller in Des Moines who will be agreeable to this kind of transaction, but patience is a virtue and can pay off in the end.
#2 Try bartering
If you have something of value that you can offer as a down payment, then it is just a matter of finding a seller that will be willing to take it instead of a cash payment. Again, patience is the key, and some Des Moines sellers may be agreeable to this kind of transaction.
You can also try offering a service to the homeowner if you have something valuable to offer, such as dentistry, legal representation etc. More and more people are becoming open to the bartering system, and some people that are desperate to sell their Des Moines home may take a second look at this type of offer.
#3 Government and community programs
There are government and nonprofit organizations that are willing to help renters get into their own Des Moines homes. Each program has its own set of requirements that must be met. It is a good idea to look at them because you may be surprised and qualify for one. These programs are designed to help people get into a Des Moines home when they are unable to come up with the initial down payment.
These are just a few methods you can investigate if you want to own your own home with no money down. You can also talk to a Des Moines real estate agent to find out other methods available, and how others are able to accomplish owning a home in Des Moines for the first time.
As local real estate agents in Des Moines we can offer you more free information about the Des Moines real estate market, including the most recent homes for sale, current property values and more. For everything Des Moines real estate visit us at Real Estate with RE/MAX. Please feel free to contact us with any of your real estate or mortgage related questions and we will be more than glad to answer your questions. Call us at 1-800-708-5890 or email us at dsm@realestateconcepts.net.
Filed under Des Moines Real Estate Blog
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