How to Buy Foreclosures With No Money Down

With the state of today's economy, many homeowners are facing foreclosure. Although this is an unfortunate reality, the misfortune of some people can be a huge opportunity for someone who knows how to buy foreclosures with no money down.

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You may think that this type of investment is reserved for real estate professionals, bankers and wealthy investors. The truth is that anybody, even first-time home buyers can buy real estate that is facing foreclosure, often with little or no down payment. Many first-time home buyers don't know how to buy foreclosures with no money down. They assume that they won't qualify for financing without having a substantial amount of money for a down payment.

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Anyone can learn how to buy foreclosures with no money down; all it takes is a bit of research. You can find foreclosures through a real estate agent, who will be able to check the Multiple Listing Service to find the type of properties you are looking for. Foreclosures often sell for well below market value, so they are often a great investment. Some lenders will even offer zero-down financing on foreclosed properties to encourage a quick sale.

Before you buy, first research different lenders who offer zero-down financing, and find out what your financing options are. Veterans are eligible for no money down VA loans. An FHA loan is another type of zero-down loan. Some lenders who offer loans with no down payment charge higher interest rates, but that is a price you may have to pay.

Once you have decided on a lender, become pre-approved for a no money down loan. This will determine your budget, and you will know how much you will be able to offer on a property. Pre-approval is not as difficult as some people might think; a good credit rating is usually required in order to qualify for a no money down loan, but different lenders have different policies, and people with less than perfect credit may need to shop around a little to find a lender who will work with them. Once you have learned how to buy foreclosures with no money down, you are ready to make an offer on the property that you want.

Now, all you need to do is find homes in foreclosure. Believe it or not they are a lot easier to find then you might think. Many counties will allow you to get a list of recent mortgage loan defaults at your county clerk's office. Your other option and a much easier one is to just buy a list of recent foreclosures. There are a few reputable companies out there that sell lists but like everything be careful who you buy from.

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