Can I Buy a Home For $0 Down?

You bet!

With home prices these days it’s very hard to save up 20% of the purchase price as is traditionally expected.  With the median home price being $230,000 you’d need to have $46,000 cash.

Just about all lenders these days offer 100% financing.  However, if you are not putting 20% down than the lender will require you to have Private Mortage Insurance (PMI).  The insurance will cost you hundreds of dollars every month.  It’s cost will be included in you monthly mortgage payment.

Avoid Private Mortgage InsuranceThe good news is that there are now programs that are structured to allow you to avoid the PMI.  You simply need to talk with your mortgage lender about what loans are available for you.  Your Realtor will also have a good idea of which lenders offer programs suitable for your situation.  Your Realtor can save you a lot time looking around for the right lender.

Keep in mind that 100% loans still have closing costs! Closing costs are normally approximately $3000 and up.  Your realtor can explain which fees you’re being charged are legitimate and which are “junk fees”.  This can sometimes save you hundreds of dollars.


What if you don’t even have enough money for closing costs?

No problem!

Some lenders have “grant”, “assistance”, “gift”, “bond”… programs where they will actually give you the cash needed to purchase.  Your Realtor will know which lenders or government departments offer programs that you can utilize.

Architecture Corner – The American Foursquare

The American Foursquare style first appeared on the housing scene around 1890 and enjoyed widespread popularity across the nation well into the 1930s. It offered a practical and welcome change from over 50 years of costly, mass-produced Victorian “gingerbread”.

The classic multi-story Foursquare house had a small, nearly square footprint that made it ideal for narrow city lots. It was economical to build and its design allowed inhabitants to utilize every square inch of the roomy interior space.

house square

The Foursquare is easily identified by its boxy shape. Wide stairs lead to a front porch which spans the width of the house. Plain columns support the porch roof. The centered front door and equal grouping of windows on either side (upstairs and downstairs) give the house its symmetrical appearance.

The hip roof comes to a peak in the center and features a central dormer. Some models use brick, stucco and textured blocks, but the traditional Foursquare is a frame structure dressed with clapboard on the first story and shingles above that. A decorative belt course separates the two materials.

Inside, each story typically contains four rooms, one tucked perfectly into each
corner. The entry hall, living room, dining room and kitchen are located on the first floor, as is a central staircase leading to the second floor.

square house

Upstairs, three bedrooms with built-in closets and a single bathroom are all neatly packaged into the space,
eliminating the need for a long hallway. Above this is a large half-story attic with a dormer window. A full basement generally houses the furnace and offers additional storage area.

The Foursquare as a style fell out of favor as people moved out of crowded cities and into the sprawling suburbs. Lots were large and the modern one-story ranch house became the residence of choice.

Recently, the revival of older urban areas from coast to coast has led to a renewed interest in the traditional American Foursquare home.

Are There Any Programs That will Give me Money?

With rising home prices, homeownership has become harder and harder for some to achieve.  The good news is that everyone is aware of the problem.  Several organizations have come up with programs to help.

Your Realtor will know just who to contact.

Every year Brevard County receives government money which is then ready to be distributed to the appropriate citizens.  No matter where you’re looking to purchase in Brevard County you may be able to benefit from these funds.

There are also many lenders who have joined in to help.  They have come up tons of different ways to attract you and get you to become a customer.  You can find out what programs each lender has to offer by calling each one individually, or ask your Realtor.  Your Realtor will know exactly which banks offer what.

Some lenders have come up with special programs designed for our most important neighbors: teachers, police officers, firefighters…

Agents Lender Logo

Some lenders have “grant”, “assistance”, “gift”, “bond”… programs where they will actually give you the cash needed to purchase.  Your Realtor will know which lenders offer programs that you can utilize.

Your Realtor also has access to all government real estate auctions.  The idea of being able to buy a house from the govenment for only $100 is a myth; however, you may be able to find a house at 10s of thousands under market value.  In order to bid on these homes you must use an authorized real estate brokerage.  You as an individual cannot place bids.

So, are they any programs that will give you money?  The answer is, “Oh yes, plenty”.


Should you use a Realtor®?

There are a million reasons to use a Buyer’s Agent when purchasing a home, and zero reasons not to.  You see, their services are absolutely free to you!realtors

Myths about using a buyer’s agent:

1. I have to pay for the agent’s services. (Wrong!)

2. I’ll get a better deal on the house if I don’t use my own agent. (Agents are trained negotiators and know the value of houses)

3. I can’t buy a house for sale by owner if I have an agent. (Wrong!)

4. I will get the best deal if I buy for sale by owner and negotiate everything myself. (Statistics show that owner’s selling their home themselves are normally overpriced.  Your REALTOR will know just how to bring the owner to their senses and negotiate a great deal for you.  Plus, these days with all of the liabilities your realtor can save you thousands by making sure you avoid a lawsuit.

As a buyer, what does a REALTOR® do for you?

– Their knowledge and experience will save you hours and hours of time and hundreds or even thousands of dollars.

– They have access to databases that they pay for which offer information you need.

– They have access to the Multiple Listing Service (MLS) which is not accessible without a real estate license.  They are also the only people allowed to have access to all properties listed in the MLS.

– REALTORS are trained in negotiating. They can ensure you a good deal.

– REALTORS are trained in the proper paperwork and disclosures needed to avoid lawsuits.

– A good REALTOR has knowledge about which loans are available and can save you hours and hours of shopping for the best deal.

– Realtors are knowledgable about which government programs are available to you.

– Buyer’s agents are knowledgable about the area.  They can inform you about local churches, schools, bus routes, theatres, community events, etc…  Things that would take you months to figure out on your own.

streetYes, always use a REALTOR® when purchasing a home.  But make sure they are acting as a buyer’s agent.  They will present you with a Florida State Brokerage Disclosure form stating that they are working as a “single agent” for you.  They may also want you to sign a “Buyer Brokerage” agreement which states that you are hiring them as your representation.  If your REALTOR does not present these papers to you, then assume that they are not your agent.  Do not disclose any personal information to them until they have presented their relationship to you!

A buyer’s agent will represent you much in the same way as a lawyer would their client:

They will have your best interests in mind and anything you tell them will be held in confidence.


Right Time to Buy Rather than Rent

The decision to buy a house, rather than to continue to rent is probably the biggest economic decision you will ever make!


  1. Pride of owning your own home.
  2. Knowing that every improvement you make is for your own benefit.
  3. The security of knowing that you can live in your house for as long as you like.
  4. Privacy
  5. The inability of others to intrude on your lifestyle.
  6. Financial investment
    1. Federal income tax deductions for mortgage interest and taxes.
    2. Mortgage payments steadily increase equity.
    3. Appreciation – a hedge against inflation.
  7. Leverage
    1. For only 20% down you have 100% ownership.
    2. Borrowing against a house is cheaper than credit cards.
  8. Owning and creating equity in your home will improve your credit rating.
  9. Inheritance for children


  1. Tying up money in a non-liquid asset.
  2. Worry about selling at the right time.
  3. Upkeep