How To Tips:
Buy A Foreclosure With Zero Money Down And More
Buy A Foreclosure With Zero Money Down And More
Few people know the number one best kept secrets of foreclosures. Even real estate professionals don't often understand how to get their homebuyers into a home with no money down. These easy tactics will show you how.
A Veterans Administration foreclosure provides for two separate ways to write an offer.
Term offer
When writing a term offer the homebuyer is asking the VA to hold financing on the home. This allows for a no money down technique. Even though there is no down payment, there is still closing costs to contend with. Closing costs can run anywhere from 1%-6% of the purchase price of the home. Ask your local agent or loan officer
Cash offer
When writing a cash offer, the homebuyer is offering not to pay cash, but instead to not ask that the VA hold the financing. When offering cash the VA is even more flexible with pricing and closing costs as they will not be responsible for the mortgage.
Write the cash offer and ask for the maximum required amount of closing costs contribution (ask a qualified real estate agent) As soon as the contract is accepted contact the Ameridream Foundation and they will give you the closing costs as a Free Contribution. Learn more about The Ameridream Foundation and buy your home from the Veterans Administration with no money down.
#1 Little known fact.
You do not have to be a veteran to buy a VA foreclosure or to have the VA guarantee the financing.
#2 little known fact.
You can buy a house from the VA and receive a free Charitable contribution from Ameridream for your down payment regardless of your financial status.
