Can I still buy a house with NO MONEY DOWN?

YES, you can, although it will depend on a few things.  More than likely, you can buy a home for "hardly anything" down.  Despite what you’re hearing about in the news about the real estate market, subprime mortgages, and a recession, even people with “iffy” credit can likely buy a home with very little money down.  When I say little, I mean approximately $1000 or less for a typical first time buyer looking at homes in the under 250K range.  Major banks are still consistently offering programs for 100% financing and many of these are government backed loans that would roll every or nearly every fee back into the mortgage.  Ultimately, your first step as a buyer is to speak to a mortgage lender and find out what you are qualified for and to answer all of your questions about what you can afford and what you could expect for mortgage payments.  A lot of first time buyers end up putting down $1,000 -$2,000 as a good faith deposit when they find a home which ends up being refunded to them at closing and along the way, their out of pocket expenses might include a bank appraisal (around $400) and a home inspection (can vary a lot but say $325). An intelligent and informed REALTOR® will communicate with you and work to structure the purchase agreement to best fit you.  Some buyers prefer to pay what they can out of pocket and others would rather see it end up as a small increase in their monthly payment rather than a big chunk of money up front.  The key is to take some time to communicate with your REALTOR® and a qualified mortgage lender and get on the same page about your expectations.

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