How Can You Buy a Property with ZERO Initial Investment?

Posted by Madeline White on January 5th, 2024

When it comes to buying a house, it is considered the biggest dream come true for many people. But why do most of them step back from fulfilling their dreams? This is simply because there is an aspect of the down payment that is very daunting for them. However, now that you are in the modern era, you should know that it is now possible for you to property buy in Melbourne with zero to a little money.

Before you get to that part, you should know what you have to pay normally as a down payment and closing cost. This can help you stay prepared when you find yourself in a situation where you don't have access to zero-down payment facilities.

• Down Payment: You have to pay 3-5% of the overall purchase price of the house.

• Closing Costs: You have to pay 1-3% of the overall purchase price of the house.

Zero Down Payment Mortgages

The mortgages with zero down payments help you enjoy the benefit of financing the entire purchase price of the house. This way, there is no need for you to make any initial investment to acquire a house of your choice. This option can be extremely beneficial for homebuyers who have a stable income but don’t have the funds for an upfront payment.

So, for your information, you need to meet the following requirements to enjoy the benefit of a zero-down payment:

1. Stable income
2. Good credit score and history

100% Financing

There are some banks that may offer you 100% financing for the home you would like to purchase. But you have to maintain a good credit score and have a stable monthly income, as mentioned above. In this aspect, it is recommended that you deal with a good and reputable real estate company. They can help you meet with the best home loan broker in accordance with your specific requirements. This way, you can target the best property to buy in Melbourne in the best manner possible.

If you find yourself in a situation where you are unable to arrange funds for a down payment and still want to get a home loan to buy your dream home, get in touch with the best real estate company near you. They can also help you find the best property according to your preferences.