02 Jul 2022

How do you buy a house if you have no money?

commercial loan with no money down

Although you can buy a house if you do not have money saved, it is best to not make any moves until there is money for a deposit or in your savings account. Deposits on a home are not the only cost to consider that can affect your home buying purchase. Actually, most houses need repairs and upgrades, which cost money!

However, if you do not want to wait, there are options that can help you buy a house with no money! For example, you can apply and pre-qualify for no deposit home loans. Keep in mind that these home loans are not easy to qualify for and take time to process. When you apply for a no deposit loan with 100% financing, having a guarantor can increase your approval chances.

Finding a trusted adult that has a high credit score and property or equity to co-borrow or sign with you shows the banking institute or lending company that the transaction is trustworthy.

Taking out a personal loan, especially with the help of a personal loan online calculator, helps with buying a house with no money. However, there are additional monthly repayments to consider. Only take this option if you are in a place where you can pay multiple charges in a month.

Buying a House with No Money Conclusion

While there are options that make buying a house with no money possible, it is still not recommended. There are a lot of hidden fees and extra charges that come from signing a loan, as well as closing on a house. Not only this, but usually homes are not 100% upgraded or to a person’s liking.

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