I would like to purchase a property for investment purposes (renting) but cant really afford 20 nor 10% down on loans. Is there any loans offered by banks that offer such help for investors?
Is there any programs for property managers to purchase investment properties with zero down mortgage?
16
Mar
Steve D
March 16, 2010 at 6:44 am
Not any more….the days of zero down are pretty much gone after the banks took such a bath by issuing them to folks who never should have had them.
Big Deal Maker
March 16, 2010 at 6:53 am
FHA loans are used for homeowners that will occupy the property. (wink,wink) Fha requires a 3% down for home purchases.
Pacific View
March 16, 2010 at 7:48 am
Most of the foreclosures happening nationwide are connected to zero interest loans. If you can’t afford 20% down, you will not be able to pay the loan when it is adjusted to a higher intrest rate. There is dramatic instability in the housing market. Investing in real estate now, especially when you cannot afford a traditional 30 year loan is a very high risk investment. There were many seminars offered that promoted “creating wealth” by investing in real estate. Creating wealth of any kind is really difficult –look at the stock market…wealthy investors have lost 50-75% of their investments. BEWARE of being sucked into anyone selling the idea of “creating wealth.” Paying taxes on the rental income may cancel out any of your profits you expect to generate. I suggest you consider buying a home you can afford with a 30 year traditional, and live in your investment. If you can find a Zero Interest loan, BEWARE, it is most likely a predator loan officer trying to make a few easy bucks from an individual who for some reson has not pluggd into the national disaster connected to “zero interest” loans.