How To Buy a House in Idaho Without Using Any of Your Own Money

Want to invest in real estate but can’t afford 20-25% down? Many potential buyers believe that there is no other way to purchase without a down payment and fail to pursue homeownership or taking advantage of all of the benefits real estate offers. Read on to discover how to buy a house in Idaho without using any of your own money.

Leverage Your Equity

Depending on how much equity you hold, you could leverage real estate to buy a house in Idaho without using your own money. You can leverage the equity through a home equity loan if you are in good standing credit-wise. These funds can then be used as a down payment for traditional financing, as a stake in a partnership, or a down payment on a purchase with seller financing.

Seek Out Seller Financing

In a seller financing agreement, the seller acts as the bank, agreeing to take payments over time. Typically, these agreements are shorter, 2-5 years, allowing the buyers to get their credit ducks in a row and save for a conventional down payment. It is essential to confirm the seller’s financial status and clarify the rights in any mortgage the seller has to make such an arrangement. It would be advisable for both parties to seek professional assistance to avoid errors in the contract. Through creative negotiation techniques, it is possible to arrange to purchase a home with financing from the seller, including the down payment. Seller financing is an excellent way for those who want to buy now but need to fix any credit issues to buy a house in Idaho without using any of their own money.

Friends & Family Funding

Don’t underestimate your network! Family members or friends may gift your downpayment to you. However, you will want to take careful steps to satisfy your lender’s requirements in this transaction. Call your lender to check the procedures that you should use to qualify. They may require your family member to provide you with a check for the amount. They will likely request that you attain a written letter stating your relationship and verify this truly is a gift, with no repayment expectations. This process enables many first time home buyers to purchase their first house in Idaho without using any of their own money.

Use Partnerships

Very often, people who have plenty of cash to invest in real estate are very busy. This presents an opportunity for those who have plenty of time to invest in finding and executing a deal, but don’t have cash. Are there people in your network who are busy running their business, running a legal or medical practice, or any similar scenario that means they have more money than time? I bet if you think for a few minutes, you’ll realize there are quite a few. Reach out to those people and ask if they would be willing to partner on a great real estate deal! It’s a win-win!

FHA Programs 

A variety of assistance programs are available in varying locations. Within specific guidelines, you could receive down payment assistance if you live in one of the units to buy a multi-family property. In many cases, the FHA will forgive the down payment assistance loan at the end of a given term. Even if you do not qualify for the program, the down payment may be as little as 3.5 percent because it is your primary residence.  You must move in within 60 days and live in the property for at least one year. This amount is a much easier goal to reach than the standard down of twenty percent for income properties. The best part? Your tenants will pay your mortgage. 

Your ability to get started in real estate is only limited by your knowledge and creativity. At Idaho Real Estate Investment LLC, we will answer any of your questions and help alleviate your concerns. We take the time to listen to you. Whether you are new to buying real estate or want to build your investment portfolio, we can help you step by step and make the process easy! Work with Idaho Real Estate Investment LLC to buy a house in Idaho without using any of your own money. Send us a message or call Idaho Real Estate Investment LLC at (208) 417-7444 today!

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