You want to buy a home, but you have very little money saved. What are your options?
Traditional mortgages don’t always require large down payments. If you have a good income, stable job and good credit, you should easily be able to get a traditional mortgage, even without a down payment.
However, if your credit is bad, there are still plenty of options for getting into the real estate market. Despite the mortgage-due-on-sale clause, sometimes a buyer can take over payments on an existing mortgage. It is very unlikely a bank will demand the full mortgage, and risk ending up having to deal with a foreclosure, if monthly payments are being made on time. These sales, called “subject to” sales. In these cases, the seller will require a second mortgage to get their equity out of the home. If there is little or no equity in the home, a contract can be arranged wherein the buyer agrees to pay off the sellers mortgage in a set number of years when they in turn sell the home. Often, this deal is made with the promise of a percentage of the buyers profit going to the seller when the home is sold again.
These contracts allow a highly motivated...
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