How Can I Buy a Home with Zero Down in Bismarck, ND?

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You could buy a house with zero dollars down. Not enough money for a down payment? Don’t give up. It may not be the problem you think. Here are five tips that might make owning your dream home a reality.

Ask lenders about zero-down lending programs.
Zero-down begins with research. Research is definitely the number one thing to do when you are attempting to buy a home with a zero-dollar down payment. Researching all of the different mortgages online and calling banks will help you out immensely in this journey. Your real estate professional should have a list of lending institutions that they can refer you to; we know that our agents do! Our real estate agents would be glad to refer you to lending institutions that can help you achieve your zero-down payment goal.

Maintain a good credit rating.

Zero-down is only achievable with satisfactory credit. If you are looking to receive the privilege that buying a house with a zero-down payment is, then your credit rating needs to be satisfactory. Exceedingly satisfactory credit history wouldn’t hurt you either, but really all you need to buy a home is a decent credit rating. This is reassurance for your lending institution that you have the means to pay them back the loan in full, including interest. Get a copy of your credit report and check for inaccuracies. Resolve any problems as soon as possible.

Talk to your county’s housing department.
Research all of your options. There may be federal or locally-backed financing programs with a zero-down option. Take advantage of these.

Check with your employer about financial assistance.
Financial assistance always helps. In some fields, like teaching or law enforcement, professional organizations offer financial assistance for home purchases. If you are part of one of the professions that offer financial assistance, check with your employer to acquire that assistance. Any money you can get to buy your home is always helpful. If you have any other questions about financial assistance, feel free to contact any of our friendly agents. We are always happy to answer any questions that you may have.

Visit with the owners of the home you want to buy.
Discuss prices. Are they willing to carry the loan? Sometimes, if you commit to pay more than the asking price - or pay a higher interest rate - sellers carrying the loan won’t require a down payment.