What are creative ways to buy a house?
Answers:
We did a lease option. This is more common in areas where houses are not selling quickly. In essence, we gave the owner a down payment of $3000 and paid rent of $1225 a month for 2 years. She gave us $500 per month of credit toward the purchase of the house. At the end of the 2 years, we had a down payment of $15,000 ($3000 up front and $500 per month for 24 months.) Then we were able to get financing through the bank. If we hadn't been able to do the lease option, we wouldn't have been able to come up with a down payment, so that worked well for us. And since the house had been on the market with no serious takers, it was a plus for the previous owner, too, since she got the nonrefundable deposit and plenty to cover her expenses on the house while still making a profit.
Other answers:
Rent to own, check your local classifieds.
Rent to own, check your local classifieds.
Ask your parents if they're willing to pull an equity line for you for the downpayment. Or see if there's a mortgage broker who can help you get a 2nd for the down. You'll carry a double loan for a while. Just bear down and do it! You'll be eating cabbage soup for a year, but it's worth it.
volunteer with habitat for humanity or other organization. you will come into contact with local builders. get to know them and let them know your situation; they will tell you how to get discounts on things or where to get extra help.
if you live in an area where lots of building is taking place there should be some kind of building supply place that the builders sell their 'extras' to and you can purchase for about 1/2 the price of 'lowes' or 'home depot'.
go to the next town over and see if prices are any lower. you might have to drive longer to get to work so weigh the difference in gas prices and price of home. being closer to work might be better -especially if you could ride a bike (save on gas and get exercise you don't have to pay a gym membership for).