One good opportunity for a low-or-no down deal is severely damaged properties -- for a person with the expertise to make the necessary repairs. If the owner will finance the property in the short term or you can qualify for a short term "swing loan", the property could possibly be refinanced through a mortgage company after repairs are completed. Essentially the repair work would then stand in lieu of a down payment. The keys here are sufficient expertise and financial resources to make the repairs, a seller willing to take a risk to get out of a bad situation and real estate professionals (from real estate agentS ® to mortgage brokers) willing to do the extra work involved.
There is also a government loan program, the 203(k) program from HUD, for rehab properties. This loan is a low down loan that includes the money for the purchase and rehab of qualifying properties. The loan has a relatively large amount of paperwork both before and after purchase and the work must be done by licensed contractors, so it's not a good option for the 'do-it-yourselfer' looking to save money.
In the Joplin area, if you would like help in finding these type properties, try out the AGENT ONLINE ™ Service. Specify that you are looking for low down properties on the form and mention this page. You'll get automatic email updates of new listings that meet your needs. You can also, follow this link to contact me by phone or email. Outside Missouri and over about 50 miles from Joplin, please Contact me by email and I will refer you to a real estate agent ® in your own area who can help.
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