How to Buy a House Without Money in South Africa
Home ownership is now a possibility for low- to middle-income earners thanks to FLISP, a government program that subsidizes home loans.
FLISP Requirements
You must be a South African citizen with permanent residency in the country.
You must not have previously received a government housing subsidy.
You must be married, cohabiting, or a single person with financial responsibilities.
You must be at least 18 years old.
You must not have previously owned a fixed residential property.
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How do I buy a house without using my own money?
There are currently two types of government-sponsored loans that allow you to buy a home with no down payment: V.A. loans and USDA loans. To qualify for a zero-down mortgage, you must meet a specific set of criteria for each loan.
Why should you never pay cash for a home?
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Paying cash for a home may make sense for some people and in some markets, but keep in mind the potential drawbacks. The disadvantages include concentrating too much investment capital in a single asset class, losing the leverage provided by a mortgage, and foregoing liquidity.
