No-money-down home buying By Elaine Zimmerman In this difficult economy where stock valuations are questionable, one of the best investments is real estate. But for many potential buyers, the problem is coming up with a down payment to make this all-important purchase. This should not be the case. It is possible to buy a home with nothing down, meaning no down payment. There are several methods by which eligible home buyers can minimize or even eliminate down payments. They include: VA loans Owner financing Lease/purchase House trading Job-related federal programs State and local government programs Continued below VA loans The method of purchasing a home with no down payment that most people are familiar with debt consolidation non profit debt consolidation non profit is through the Department of Veterans Affairs, or VA. This benefit is available to active and retired members of the military service, veterans, POW's and MIA's and their unmarried widows. All branches of the service including the Coast Guard are eligible. Also members of Selected Reserves or National Guard who have completed six years may be eligible along with many with WW II service from the merchant marines, military academies and others pulled into service for the war effort. Many older veterans may recall a time when they were entitled to use this benefit only once in their lifetime. This was changed in 1989. Now, principal mortgage debt consolidation non profit the only existing stipulation is that an eligible person may use this benefit on only one house at a time. As with all VA loans, the house must be used as a primary residence. It may not be a rental home or second/vacation home. There is no maximum home loan amount. Nothing-down VA foreclosures available to everyone What many people do not know is that you do not have to be a veteran to purchase a VA foreclosure with nothing down. VA foreclosures are available to the general public. Some require nothing down or just a fee of $500. Although the homes are sold from the VA, boat loan debt consolidation non profit purchasers must obtain conventional or FHA loans unless they are veterans or active military. VA foreclosures with nothing down or $500 fees can be found among those from banks, lending institutions and federal agencies on Bankrate.com. Owner financing, lease-purchase If a glut of unsold homes develops in a market, some sellers -- especially those in a hurry -- become willing to assist the buyer. There may be additional pressure on sellers of used homes when they compete with builders in their areas who fund down payments on new homes. These sellers may agree to lease-purchase or owner-financing plans. In both cases, purchasers do not pay down payments stafford student loans debt consolidation non profit to acquire