Hey, we can get you in the house with no money down, you’ve heard it before. Sure, technically, it’s true in terms of your loan in certain situations. Whether it be a USDA Loan or some other kind of loan product that is offered to get you in a home “no money down,” you will still need to have some money saved up to get you to that point. First of all, if you’re reading this with $17 in your bank account and want to buy a house, you probably got some other things to worry about or work on, so stop reading this and go listen to Dave Ramsey or something. Don’t buy a house just because a mortgage is cheaper than rent. If the HVAC quits heating, or the toilet stops working because you keep abusing it with the Applebee’s you’re eating, you are now responsible for fixing those things out of your pocket. I digress. When buying a house, here are some other things you’ll have to be prepared to pay for. These numbers are not exact amounts and can vary. Disclaimer: not all are required, but heavily suggested.

Appraisal – $550
Earnest Money – $500
Home Inspection – $350
Termite Inspection – $50-$75
Appraisal – REQUIRED.

The bank is lending you money, so they want to make sure it’s worth what you’re paying. It’s also to protect you from paying $20,000 more for that condo with the useless HOA. Appraisals are a must, and you must have some money saved up to pay for that.

Earnest money – Suggested. Think of it as a good faith deposit. Hey, I want this house and I’m going to make every effort to get it, here’s $500 saying I’ll put my money where my mouth is. Pretty simple. Earnest money is not required but is suggested in a competitive real estate market.

Home inspection – Suggested. Quite frankly, trust nobody. I don’t care if it’s your momma’s house, I’d want a home inspection to see what I’m getting into. A home inspection can catch things the untrained eye can’t see and save you a ton of money down the road. The last thing you want to do is buy a home and then find out you have an electric problem, or a foundation more cracked up than Humpty Dumpty.

Termite – Suggested. I’ll keep this one short, if your ADHD hasn’t kicked in yet i’m sure it’s close. You don’t want termites eating your wood. Would’ve been some sound advice for Charlie Sheen.

To sum up, can you get a house with no money down? Technically yes you can, but make sure you’ve got money saved up for things that are necessary or suggested in your real estate deal.