The True Story of How I Bought My Home With No Down Payment

The details of my negotiations with the seller...

I put in an offer of $79,000 + seller pays $3k closing costs on a house listed at $87,900. Pretty low offer, huh? Yes, especially for a less expensive property. But we're entering a buyer's market (although the effects of market shifts are less dramatic in Texas).

I never expected the seller to accept my initial offer, and they didn't. In fact, the seller's agent came back and said that $86,500 was the lowest they could go, but they were willing to cover my closing costs. Even then, the seller's agent said, the seller would lose $1000 cash on the sale. And he had just as much cash as I did, which was none!

I had my agent talk to the other agent and there was pretty much no more room for negotiation. The only problem was that I would have to pay about $3000 out-of-pocket for the down payment.

So I researched online, and I asked around.. I looked into it. But I couldn't get around it. And the last thing I wanted to do was ask my family or my friends for a loan. If I was going to buy this house, I wanted to buy it on my own.

Actually - I found the key to a zero down payment mortgage from one of the lenders I was working with online. I didn't use this lender, but the secret she gave me unlocked the front door to my new house for $70. Up next, my secret to buying a house with no down payment.

And we come to: The Secret

I am not a real estate agent, a mortgage broker or an attorney. This is a true story, but your experiences may be different.