Can I Buy a House with No Money Saved?

It’s not advisable to buy a house with no money saved. Here’s why:

Essential Upfront Costs:

• Escrow Money Deposit (Good Faith Deposit): Required when you submit an offer.
• Appraisal Fees: Necessary to determine the home’s value.
• Survey Fees: Often needed to confirm property boundaries.
• Home Inspection: Crucial to uncover any potential issues with the property.

Down Payment and Closing Costs:

• No/Low Down Payment or Down Payment Assistance: Even if you qualify, you still need to cover closing costs, which typically range from 3-7% of the home’s purchase price in Florida.
• Seller Contributions: You may be able to negotiate for the seller to cover a portion of the closing costs, but you’ll likely still need to pay some out-of-pocket expenses.

Additional Costs:

• Moving Expenses: Don’t forget the cost of moving your belongings to your new home.

Ready to Explore Your Options?

While buying a house with no money saved is not advisable, I can help you explore financing options and create a plan that works for you. Contact me for personalized advice and to start your home-buying journey.

📞 Call me at: 386-589-9037
🌐 Visit: danielledesousa.com
📖 More info: ddesousapetnheroeslender.blogspot.com

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Let’s make your homeownership dreams come true! 🏡