Pittsfield, MA -- (SBWIRE) -- 06/12/2013 -- Well, the world isn’t quite perfect yet, but it is possible to buy a house without having a down payment, and Real-estate-yogi.com is here to share its knowledge about the process, such as:

- Get a HELOC
- Mortgage Pre-Approval
- Engage a Good Realtor
- Rent the 1st House

HELOC Acquisition

Because it’s still a buyer’s market, buying a second home with no down payment is possible. The first thing to do is to obtain a Home Equity Line of Credit, or HELOC. This is like a second mortgage or giant credit card. If there is sufficient equity in one’s first home – equity accrues over the years one lives in the home – one can get up to $100,000 as a HELOC. Compare interest rates and application fees among several lenders and then choose the best deal. Use the HELOC as a no-cash down payment on the second home.

Buy Second Home With No Money Down At Affordable Monthly Rates, Get Started!!

Obtain Pre-Approval

If one is looking into buying a second home without a down payment, one way to do it is by getting pre-approved for a mortgage. One’s credit score must be very impressive in order to get this pre-approval, so if it isn’t so good, it’s unlikely one will qualify. Again, check around with a few different lenders to see which can give the best interest rate and terms for the second mortgage. Once the new home is found, use the pre-approved mortgage to put down a deposit,

Hire an Experienced Realtor

Don’t go through the process of buying a second home without a knowledgeable realtor. She will know exactly where to help one look for the house one desires. The realtor will not get paid for any of her service until she actually finds the house, the buyer puts down the HELOC or pre-approved mortgage as a deposit, and the sale is completed. Only then will she receive a commission.

Rent Out the 1st Home

Another way to go about buying a second home with no money down is by renting out the first house. The amount of rent should be able to cover the expenses of living in the second home, and one can use the pre-approved mortgage or HELOC as a down payment. This is an excellent way to be paying on only one mortgage while living in one’s second home.

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