Negotiate a low down payment. With any property deal, the down payment is part of the negotiation. Your ability to bargain will largely depend on your credit scare and your financial standings. With that, there is a chance you can negotiate a lower down payment with a strong argument.
Assume an existing mortgage. You may be able to negotiate an assume an existing mortgage. This will involved taking full responsibility of everything. From outstanding payments without necessary making a down payment. This is know as a “subject to” contract, and involves the buyer using the seller’s existing financials for the deal.
Investigate lease-to-own options. A lease-to-won arrangement involves the buyer leasing the property from the seller for a set period of time, before purchasing the property outright. The purchase price will be set and agreed on during the initial negotiations, but you will not have to make a down payment when you move in.
Propose seller financing. Seller financing can sometimes be agreed if the sellers own the home he is selling and has no outstanding mortgage payments. This kind of deal involves the seller become the holder of the mortgage and the buyer becoming the title holder. The buy then makes the payments to the seller and fulfill on what else has been negotiated.
There are several other options on how to buy an apartment with no money down.
We hope these will help you get started on the right foot.