Would it be wise to buy a home with no money down?

You all know my dilemma (I think) with the neighbors and people upstairs. I've been thinking HARD that we should get into a house ASAP. While I know it's better to put some money down, I really feel DESPERATE and would love nothing more than to move NOW!!

What do you think?

Re: Would it be wise to buy a home with no money down?

If you can afford a huge mortgage per month than go for it.

Re: Would it be wise to buy a home with no money down?

it's just going to make the payment higher

and you will have to pay for all repairs- no land lord to call- you could quickly get in over your head

Re: Would it be wise to buy a home with no money down?

If you can get a mortgage company or bank to give you 100% financing, go for it. Credit is tightening all over the industry. You have to have phenominal credit and lots of income to get a decent rate now.

Now is a good time to buy though. Rates are still low and their are good buying oppys out there.

Want to move to AZ? I have my parents condo for sale!

Re: Would it be wise to buy a home with no money down?

I am in tears over here. If it means that we have to pay a high mortgage..so be it. ANYTHING is better than being here!! I seriously cannot take this apartment anymore!! DD has been woken up SEVERAL times by the damn kid upstairs stomping and jumping. I FINALLY put her down and he comes stomping and she woke up AGAIN!!! He has been at it since 6:30am!!! What the hell is wrong with him!!!!!

I WANT TO MOVE!! WHY COULDN'T WE WIN THE MEGA MILLIONS!!

Re: Would it be wise to buy a home with no money down?

why not look for another apartment?

Re: Would it be wise to buy a home with no money down?

Re: Would it be wise to buy a home with no money down?

Posted by Blu-ize

Posted by mitabtrfly

I am in tears over here. If it means that we have to pay a high mortgage..so be it. ANYTHING is better than being here!! I seriously cannot take this apartment anymore!! DD has been woken up SEVERAL times by the damn kid upstairs stomping and jumping. I FINALLY put her down and he comes stomping and she woke up AGAIN!!! He has been at it since 6:30am!!! What the hell is wrong with him!!!!!

I WANT TO MOVE!! WHY COULDN'T WE WIN THE MEGA MILLIONS!!

awww!!!! I'm so sorry to hear this. Why don't you poison the kid?

You don't have to buy a house..just move into another apt...it would be cheaper.

Re: Would it be wise to buy a home with no money down?

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The next move we make will be something we own. It has to be! NO MORE APARTMENTS..especially after I heard his parents having sex..no thanks. I want to be in something we own!


I understand that you want to owe a house- I do also- but we are waiting until we are 100% ready

it's a big investment- it's nothing something to take lightly in this market

people are losing there homes right and left b/c they didn't think things thru and got in over there heads

Re: Would it be wise to buy a home with no money down?

Re: Would it be wise to buy a home with no money down?

Re: Would it be wise to buy a home with no money down?

I wouldn't buy one with no money down. You should really have some money in the bank, before you make such a big investment. I see your frustration, but I think you should really think it over. What about buying a condo instead. My cousin just bought one in Coram and is a ranch. So, no one upstairs to annoy you. I think it was only about 150-200k. Not sure the exact amount.

Re: Would it be wise to buy a home with no money down?

I totally understand your frustration! We were in SEVERAL apartments where sound/privacy/disturbing behavior was all an issue. Although we stayed in affordable places so that we could save for a down payment for our condo. You are in SUCH a tough spot because you have Milani now and you're thinking "quick fix" because you want what's best for her (and you, obviously). But I have to tell you, buying without a down payment is a tough mistake. You could get stuck with a flex-rate mortgage and have your payment SO high it's unaffordable. Plus, with the market being so crappy as it is, banks are choosy about who they give mortgages to and what ammounts they approve. You don't want to buy something only to find out once you're in it that you can't really afford it after all. It PAYS big time to be a bit patient, save and buy what is comfortably affordable to you- and in the right neighborhood too. You will obviously want to look at other factors now too like schools and such..

Regardless,good luck and take a deep breath.

Re: Would it be wise to buy a home with no money down?

IMO you should have at least 10% plus cc. Even if you finance the whole thing you're going to want to have a good chunk of change saved just in case the home has issues that are unanticipated. And with 100% financing you're going to pay more interest PLUS watch out for ARMs and stuff like that. ARMs are one big reason people lose their homes.

I'd rent a townhome or larger condo and really get a game plan togther about buying over the next couple of years.

Re: Would it be wise to buy a home with no money down?

I think it would be SO hard to buy without any money down. AND the mortgage industry isn't what it used to be, I think it would be really hard to find 100% financing.

Listen, we had a HORRIBLE experience in the last house we rented, just terrible. We had to go to the police and file harrassment reports and it ultimately caused my blood pressure to go so high I had my son a week early. So I know exactly what you mean. But we went to craiglist and found another house that we rent.

You just had a baby, you aren't working, it is really hard to make a huge change like a major mortgage right now. Our rent is lower now, plus we only have to pay our electric and cable bills here, whereas in our last place we paid all the utilities, so we are saving money.

IMO, unless you can move in with someone to save some money for a downpayment, looking for a house or apartment to rent would be the best idea as of now.

Re: Would it be wise to buy a home with no money down?

How about trying to rent a house?


I don't think it is wise to buy a home with no money down. Aside from the incredibly large mortgage payments per month, everyone I know within the first year of owning had something large go wrong, and you will have no cushion to deal with these things that inevitably go wrong. It's a vicious cycle--you move in, the washer/dryer needs replaced, you put it in CC because you don't have the cash, then you go into CC debt...This is the reason why there are so many foreclosures at this point. I don't think it's a good idea for you to buy at this point, but that is not your only option.

Message edited 8/26/2007 8:49:23 AM.

Re: Would it be wise to buy a home with no money down?

If you are set on getting a house, do a rent-to-own. My DH's coworker does it. She put no money down, basically she pays the guy who owns it's mortgage. At the end of 30 years, she owns the house. If she leaves before then, though, she gets nothing. Just make sure it is somewhere you want to stay.

Re: Would it be wise to buy a home with no money down?

Re: Would it be wise to buy a home with no money down?

What about renting a home with a condition to buy? When my grandmother passed away, my mom found the greatest tenants - a young couple. They couldn't afford to buy it right away, so they paid rent, and when they were ready, they moved forward to buy. It worked out for everyone!

Re: Would it be wise to buy a home with no money down?

we financed 103%. we put money down to hold the contract but got it back.

Re: Would it be wise to buy a home with no money down?

Message edited 7/13/2009 3:40:57 PM.

Re: Would it be wise to buy a home with no money down?

Can you find something else to rent? That might be better than getting into a situation that is too tight.

I have to tell you, my kids get up at 6am everyday-lol!!
AND........my dd had a sleepover last night and they didn't go to bed until 3am and got up at 6am

Re: Would it be wise to buy a home with no money down?

IMO, I know the neighbor thing is rough - but taking on such a big financial burden in this market, without a safety net, is really cutting off your nose to spite your face

Re: Would it be wise to buy a home with no money down?

I would not recommend it. Houses come with a lot of additional expenses on top of the mortage (repairs and taxes).JMO