Buying Real Estate with No Money Down

There are many different perspectives on purchasing a home. “You should put down 20%” vs. “You should put down as little as possible”
Following is information about how to purchase a home with Zero out of pocket. You can use this information to buy a home when you actually have zero in your pockets, or if you use it when you have full pockets.
Buying a house with down payment assistance

First option: Get the sellers to come down 6% or more from their asking price. Half of the 6% will go to cover the buyers closing costs. Half of the 6% will go to cover the buyers down payment. The loan amount will be for 97% of the listing price or preferably even less if possible to lower sales price.
Example: Sales Price: 100,000 Seller Receives: $94,000 Loan Amount: $97,000
Second option: Get the sellers to come down 3% or more, and add the other 3% on top of the loan amount. If the sellers are only willing to lower their sales price by 3% or more, the buyer can add the additional 3% needed on top of their loan amount.
Example: Sales Price: $100,000 Seller Receives: $97,000 Loan Amount: 103,000
Third Option: The third option is essentially only available 4 times a year, as it is a government program. The State of Missouri will pay the 3% down payment for you. This grant is for a certain amount of money that will only cover a number of buyers each quarter, first come first serve. The seller still must agree to pay 3% of sales price towards closing costs.
Example: Sales Price: 100,000 Seller Receives: 97,000 Loan Amount: 97,000

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Pre-Qualification or Pre-Approval