Is it possible to purchase a condo with no money down? Yes it is.Â Though it was much easier to do this a few years ago when financing was given to anyone that had a pulse, it's still very possible to buy a condo with no money down.
One of the best techniques to purchasing a condo with no money down is to find a partner with money.Â Let's say you want to buy a condo but have zero money to put down.Â The normal down payment is roughly 5% of the purchase price.Â On a one hundred and fifty thousand dollar condominium, you'll need a total of approx. seven thousand, five hundred dollars down and you do not have it.Â The payment on a condo with a mortgage of about $150k is roughly $1,000 a month.Â You can afford this but you don't have the down payment.Â You can approach a friend to move in with you, have them pay the down payment and you take care of 100% of the monthly expenses from that point out.Â You get 50% of the profits at the end and your roommate would get 50% of the profits.
You want to buy a condo with no money down and you do not want a partner?Â How about a rent to own condo? Rent to own condos allow you to live in the condo as a renter first.Â Once you're in the condo paying rent, a portion of that rent is going towards a down payment.Â Over the course of one year depending on how much was negotiated, your down payment could be in your hands.Â
You want to close in three months, not in one year you say.Â You want a faster process to closing on a condo with no money down. How about NACA.com?Â At NACA.com, this non for profit organization ill help you get financed with none of your own money.Â They have buyer workshops that allow you to learn the process of owning a condo.Â Once you've established that you can afford the monthly payment on a condo, they will fund you the money without any of your own money.Â It's also a great program because the annual interest rate is normally lower than the industry's.Â NACA.com has been around for more then twenty years and is in most major metropolitan areas.
I can give you another dozen ways to do it but in the end, if you want to buy a condo with no money down, you can.