How To Buy A House With No Money

Buying a home is one of the best investments you can make. Renting might be necessary for a time, but it’s mostly just a waste of money as you don’t gain anything from the process. But, homeownership might seem like an impossible dream if you don’t have a lot of extra cash.

Most people assume that you need a significant amount of money to put up for a down payment. You might have heard that you’ll always need at least 20% of the home cost for the down payment.

While this might be the more traditional way of securing a home, it’s actually possible to buy a house without a down payment. There are, however, some stipulations as not everyone will qualify for a zero-down payment mortgage. Discover how you can get a house with no money or for only a smaller down payment.

Three Main Ways To Buy A House With No Money

There are three primary ways to get a loan without a down payment. These are through a USDA loan, VA loan, or with homeowner down payment assistance programs.

Here’s what you should know about each of these options:

  1. USDA Loans
    This option comes from the U.S. Department of Agriculture. They offer no down payment and 100% financing. This program is sometimes referred to as a Rural Housing Loan, but it’s also an option for people who live in more suburban areas. The purpose of this program is to assist lower-income buyers and sometimes middle-income buyers. Not everyone qualifies for this mortgage lender option, but it is a good choice for people who make less than the average salary for their area.
  2. VA Loans
    A VA loan is a more selective option as it’s only available for people who are part of the military, veterans, or surviving spouses of military members. These loans are available to most service members. Along with no down payment, VA loans also provide great mortgage rates and don’t require mortgage insurance.
  3. Homebuyer Down Payment Assistance Options
    The final option for no down payment mortgages is down payment assistance or DPA. These loans are one of the best alternatives to a conventional loan if you don’t qualify for the other two choices. There are various programs at both the state and federal levels, and some non-profits also provide this option. You will likely have to do some research to see what programs exist in your area.

Other Low Down Payment Loans

While it’s often more competitive to get a house with no money down, there are other choices out there that allow you to purchase a home with low money down mortgages.

This is what you should know about these options:

  • FHA Loans
    These loans are given out by private mortgage lenders, but they are insured by the Federal Housing Administration. These are a good option for a low down payment, and they also offer other benefits such as allowing low credit scores and mortgage insurance can be part of the loan. Most of these FHA loans require a 3.5 down payment, but it’s possible to get further down payment assistance to cover this number.
  • HomeReady or Home Possible Loans
    These loans come from most lenders in the United States and provide lower mortgage rates and mortgage insurance. The down payment requirement is 3%. These loans are backed by Freddie Mac and exist to help multigenerational families as well as others that wouldn’t otherwise qualify for a home loan.
  • Conventional Loan 97
    Both Fannie Mae and Freddie Mac provide this 3% down payment option. These are meant for single-unit homes, and they require a fixed-rate mortgage. These are best for new home buyers who have never owned property before.
  • Conventional mortgage
    The final common way to get a low down payment mortgage is to seek out a traditional loan option but with a lower down payment. More people have a chance to qualify for these loans than any of the others on this list. They are flexible, and the down payment requirement can be 5% on the low end.

Benefits Of Learning How To Buy A House With No Money

There are many reasons to be a homeowner, but it might not be possible for you to save thousands of dollars for the down payment. If you’re in this position, looking at other loan options makes sense because there are many benefits to being a homeowner or owning property. These include:

  • Tax deductions: People who own a home can deduct many costs from their taxes that people renting can’t. Some of these deductions include insurance payments or home improvement costs.
  • Building equity: While the housing market does fluctuate, the longer you are a homeowner, the more equity you’ll earn. You can put this equity into a newer or bigger home down the line.
  • More stability: Renting might make sense if you’re traveling around. But, many people want the peace that comes with home ownership. You won’t have to deal with a landlord moving to new rentals over and over.

So, even if you don’t have as much money as you’d like to make a down payment, there are many payment assistance programs, including VA loans and FHA loans to help you achieve your dream of homeownership.

More Advice On Real Estate Investing

Figuring out what to do with your first or next real estate purchase may be stressful if you’re going about it on your own. If you are looking for advice from someone like you who has since become an expert in real estate, contact Troy Kearns today. You can check out his many resources on how to make money and purchase property or request more information about mentorship programs.


What To Know Before You Start Investing

Do you have investments? Maybe you’ve researched the stock market or considered talking to an investment advisor. But, if you’re pretty new to investment funds, there are some overall things you should know before you get started.

Start Investing With Help From Troy Kearns

Troy Kearns is a real-estate investor who has made millions developing his own business and investing smartly. He went from struggling with his finances like many other Americans to creating a six-figure business, and now he wants to help people like you make money, too.

If you are looking to find similar success, there are some things you need to keep in mind when looking at investing. Here is a guide to get you started.

Why Should You Invest?

There are many reasons to invest, but investing is essential for most people to have a backup plan and look at retirement. Investing helps your money go further and could potentially lead to a lot more success and passive income. If you only keep your money in the bank, you’re losing money in the long run.

All people need to have at least some assets or investments that allow them to meet their financial goals and ensure they have retirement savings.

Investing is critical if you’re looking to make more money now or save more for your future. There are investments you can make that bring more immediate and long-term success, such as real estate. Other investments may pay off in the long run as you look to save for retirement or have life savings. These options include various investment funds. Then, there are investments that may seem a bit riskier but still have their benefits, including stocks.


Tips To Know Before You Invest Money

These specific tips will have you well on your way to an investment strategy. Before deciding how and where to invest, make sure you have followed these steps to build a solid financial foundation.

  1. Have an emergency fund: Before you figure out how much you can invest, you’ll need to save up some money for emergencies. You’ll want to save enough money to live on for at least three months if you couldn’t work any longer, but aiming for six months is even better. While you don’t want to keep too much in the bank, you do need money you can access quickly in an emergency.
  2. Stick to a budget: To safely invest, you need to have a budget and keep to it. The only way to know how much you can afford to invest is to take stock of your cash flow. This will help you determine how much extra you can risk setting aside.
  3. Work to pay off high-interest debts: While some debt that allows you to maintain excellent credit can be okay, high-interest debt is stressful and risky. Before making an investment plan or setting or a retirement account, it’s wise to ensure you’re not racking up a bunch of credit card debt through interest.
  4. Set goals and work on a plan: Throughout the entire process of investing money, you’ll want to make a plan with your financial goals. You may need investment advice from a mentor to help with this. Remember to ask yourself questions such as how much do you need to have in a savings account? And what is your financial plan for the next year, five years, ten years?


As you work through these preparations, you’ll get a much better idea of where you are at with your personal finances. From there, you can make adjustments to your lifestyle and how you approach money, and these steps will allow you to make sound investment choices moving forward.

How Much Money Should You Invest?

Once you have worked with a financial advisor or mentor like Troy Kearns and have your finances in order, you might be wondering how much you should actually invest. While your mentors and advisors can help you with this, there are some rules of thumb to keep in mind now before you even get started.

One common strategy is the 50/20/30 approach to budgeting in general. Here’s the breakdown of these numbers:

  • 50% of your income should cover the monthly needs you have, including rent, food, car payment, utilities, and other bills.
  • 20% of your monthly funds should go to various savings like your investment funds or retirement.
  • 30% of your money should then go to things you want to do like going out to eat or hobbies

While you might have to make minor changes to these exact numbers, this is a good way to approach budgeting and investments. When trying to save money and think about investing, the first thing to cut down on should be what you want and that is fun but unnecessary. While you don’t want to deprive yourself of all enjoyment, going without a few things can help you reach your financial goals.

Final Thoughts On How To Start Investing

To prepare for investing, make sure you take stock of your finances. You’ll want to have an emergency fund, a savings account, help from a financial advisor, and a plan for your personal finance moving ahead.

With these tips in mind, you’ll be well on your way to start investing, whether in the stock market or mutual funds. Just make sure that you make wise choices and don’t take unnecessary risks without consulting experts. You’ll want to work with people who know about things like stock market investing, risk tolerance, and market conditions.

Contact Troy Kearns For Investment Options And Advice

You don’t want to lose money if you’re new to investing. You may wonder if you should invest in stocks or look to real estate or something else. Troy Kearns offers many resources for people looking to make more money and find financial freedom. Reach out today to learn more about how he can help you start investing and make the money you want.