ready to start and do anything

[Alamen Ems]

hello everybody my short long story, been trying to start the real estate business but every time something happened, when I saved good money to start I got new job offer on west Palm Beach I moved there before Christmas time so I worked for couples day's and the company shut down for the holidays, so on that time by moving and get my life Seattle I lost total of 5 weeks without work, after 3 months we decided to back to Ohio because FL was expensive for me with 2 babies. back to Ohio and start looking for job I just got one with decent payment, all the money I saved gone with about 5k deb8in credits and 2 personal loan. what's your guys advice for me from your experience? I am renting now but my monthly payments a little bit higher than house payment so we are thinking to buy our family house first, also my credit score not bad over 700. I am mechanical maintenance with medium electric experience and I sold couple house before and all the job inside outside the houses been done by me from plumber to wood floors and vinyl siding plus painting, so this is another options for me to assist or join someone got work

[Max Gradowitz]

Originally posted by @Alamen Ems:

also I thought about hard money lenders but all of them need to see at lease 5k on your account cash and some requests down payment

Are you surprised by the fact that a hard money lender will require you to have a little bit of money in your bank account and would require a down payment?  Dude, I think you are grossly underestimating the costs of buying a home. You really need to talk to a loan officer to get an actual idea of how much money you need to save up in order to get a mortgage.  Buying a home costs quite a lot of money upfront. You need to save up for a down payment, loan fees, and closing costs.  Hell, if you don't even have a few thousand dollars in your bank account, how are you going to afford to put deposit down immediately once your offer is accepted?

The lowest down payment loan program is FHA, which requires only 3.5% down if you qualify for it. Loan fees will be at least 4 or 5 thousand dollars. Then, the title/escrow company will charge a thousand or two to do their job and you'll pay some portion of that depending on what the normal split of escrow costs are in your market. Even on a very inexpensive home, you are looking at probably at least $7,000 in upfront costs. This is BEST case scenario, assuming the house price is really low, your loan fees end up on the lowest end of the loan fee spectrum, and you qualify for the lowest down payment program available. Be prepared to pay more just in case.

You can ask for assistance with these costs from a seller, but in a competitive market an FHA offer asking for a lot of closing cost contribution will put your offer at the very bottom of the list.

Hard money lenders require a high down payment because they lend to more risky borrowers. I normally see anywhere from 25% to 50% down payment, depending on the riskiness of the borrower. If you don't want to pay a huge down payment, stay away from hard money lenders.