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With the rise of the internet and smartphones over the past 20 years, prospective homebuyers are steadily changing the way they shop for houses. Many homebuyers are beginning and ending their search online. Read More
For many first-time homebuyers, buying your first home may be overwhelming and all of the costs and fees involved may be confusing. But what exactly is a Loan Origination fee? It’s something every homeowner should understand when buying a house and the good news is, it’s not as complicated as you may think. Read More
One of the major challenges for homeowners, especially first-time homebuyers, is saving for a down payment. But before you start saving and figuring out how much of a down payment you need for your home, let’s take a closer look at what exactly a down payment is. Read More
Are you conflicted between buying a condo or renting an apartment? Choosing one over the other presents a very different type of lifestyle and it may be difficult to even know what the difference is between a condo and an apartment. So, which is better for your living situation? Let’s take a look at the differences to help you figure out which works better for you: a condo or an apartment? LEARN MORE What is a condo? A condo, also known as a condominium, is a private residence purchased by an individual homeowner or family in a building or community with several units. Read More
Maintaining your home is a work in progress. Not caring for it properly may result in expensive home repairs down the line that could have been avoided with a little prevention. Read More
It doesn’t have to be expensive to keep your home looking stylish. And if a major makeover isn’t in your home’s immediate future, there are still many ways to keep your home looking contemporary without breaking the bank. Read More
You may have heard about rent-to-own homes or even seen them advertised on a sign in or around your neighborhood. They are often aimed at those with less-than-stellar credit or who can’t get conventional financing or don’t have enough for a down payment. Read More
When you make the decision to buy a home, there are several things to think about. One of the biggest considerations is affordability. Read More
VA Loans help active military and veterans qualify for homeownership, and if you already have a VA loan, now is a great time to refinance at today’s low rates. There are two programs that can be used to refinance an existing mortgage: VA Streamline Refinance or a VA Cash Out Refinance. Read More


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Help with buying a house with no down payment?

Hello everyone! This is my first post on this subreddit. I am sort of using a not really active, throw away account for this. I don't really like giving out my info too much, but for this post- I need some advice.

I live in the state of Ohio and I am currently living in apartment where I pay 400 a month for rent. This part of Ohio's cost of living is pretty damn cheap, mind you. My apartment complex is slowly going under and I have three months before I can fully move away. I have about 1.5k in my savings right now, with another grand or two going under my belt before the end of November.

My mother approached me with a house posting in a better neighborhood from where I am staying. Now, I know I am in the mortgage subreddit- and this statement might make some of you cringe but:I don't want to put a down payment on this house. I'd much rather keep the money I currently have saved as a small net. However, my mother offered to find a bank broker who could get me pre-approved without a down payment.The house sits at a low 65k selling price. I make 30k a year by myself, with a well off family that I have never borrowed from, who wouldn't mind helping me if the time called. My credit score is 733, I have paid off half a car (till someone wrecked it while inside sleeping) and have a credit car I regularly use.It's 1.5 stories, in a good neighborhood, and it's right near both school and work. It has three bedrooms, two baths, and an unfinished basement. My current two roommates, of course, would be moving in alongside me. I know the future is somewhat unpredictable, but I figured that I can rent out each of the other rooms to them. Even if they bail out in a year or two, I will be finished up with school- or my girlfriend could potentially move in with me.

Without a downpayment using a mortgage calculator, it would be roughly $320, which coupled with home insurance etc- could easily be $640 a month.

A good rent price would be $300 each with them splitting utilities with me. This is to have the rent money pay the mortgage, help possibly pay PMI, and property taxes. Since any maintenance or repair issues would solely be my responsibility- any money I don't spend on utilities- would be placed in a savings account.

Upon a visit and thoroughly going over pictures, the only structural issues are:-The roof needs to be replaced within a year or two

-The front door needs to be repainted

-One of the two bathrooms needs to be remodeled, more cosmetic than anything else.

Any advice? Should I still seek out a bank broker and get a house?

submitted by /u/TheCambion1109
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