How to Buy a House With No Money Down

Video Transcript

"Hi I'm James, with JNC Home Repair. Today I'm going to tell you how to buy a house with no money down. There's a lot of programs out there available to buying a house. My experience with buying a house, I'm actually was in this position when I bought my first house with no money down. I had a, it's called a "Lease to Option", an option lease agreement. And what it is, is we basically pay our rent or lease, we pay our monthly lease payment, and we pay a little bit extra per month, and what happens is is whenever it comes time to when you're going to get the house switched over to your name and you're going to get the financing from the bank, they're going to take all that extra money that you've paid for your monthly payment and they're going to apply that towards the down payment. So you don't have to really spend a whole lot of money out of pocket. There will be closing costs and stuff like that depending on what kind of down payment is required as far as who you're getting it financed from, but that's the easiest way to do it, because you really, you get used to paying your lease payment and you just think you're paying rent or lease, but actually some of that money is getting applied towards your down payment and then whoever the owner is or whoever you're buying the property from, usually they'll take some of the money and match some of the money that you're putting up and that will actually give you more money for your down payment. So when you actually go to get the stuff switched over it's not such a big burden to come up with a whole lot of cash. That's just one option, there's a lot of different grants and stuff out there available to you, you just have to check your local regulations ad just local Realtors wherever area you're in."