Blog Education No money down, no problem

No money down, no problem

By Jennifer Johnston, October 24, 2018

Today, in addition to keys to a new home, my buyers also got $2,909 at closing.

How did these buyer’s get money back?

The buyers reached out to their local credit union to happened to to have a 0% down loan.  A 100% loan-to-value (LTV) loan is not common.  At least not anymore with the big banks.  These types of loan used to prevalent back in 2005.

The buyers criteria for their new home was a bit of a unicorn as well. The goal: Find a 4 bedroom home with a price tag under $300,000. The home also needed to be as close to Portland as possible. Chris and Tanya have two young kids so any home has to be in a decent school district. Additionally, it needed to be in good shape and be financeable.

After looking in Portland, at homes that needed serious amounts of work, Chris and Tanya realized they had to look in Vancouver, WA. Homes are just more affordable in Vancouver. However, the options were slim. Less than five homes that were for sale  under $300,000 and only two that were financeable.  On a sunny September day, the housing God’s gave us the perfect house. Located in the Hazel Dell area,  the home is adjacent to a more expensive neighborhood, walkable to schools as well as shopping and just minutes off I-5.  Plus it was under budget, listed at $275,000. We sped over to go see this house.  After  our viewing, we made the quick decision it was the right fit.

We made a slightly over-asking price offer and asked for $5,000 in closing costs.  Chris and Tanya did have to put money down for earnest money, which was 1% of the purchase price. So there was initial out of pocket was $2,800.  The stars were aligning. It truly is the right situation. The sellers had just moved overseas and the space is perfect for my buyers. After making an offer we had to wait a little longer than preferred for a response. That was due to time difference of the sellers being overseas. After two days, we got a response. We were accepted.  YAY!!

Within a matter of an hour after our offering getting accepted, we had our home inspection set for the next day.  The home had some unexpected issues. The sewer had root intrusions, the chimney needed some work as it was starting to crumble in spots, the roof needed a little work as well as the gutters.  We got bids and were surprised at the costs. The sellers wanted to get their own bids and found the costs to be in-line with the bids we provided.  The sellers agreed to do all the repairs. YAY!  Win#2!

The next obstacle is the appraisal.  We had been looking at homes, which were not as nice but in the same area, we were not concerned.  The appraisal came back quickly and over the asking price of $280,000 as well! Win #3!! All repairs were completed quickly. Loan documents were delivered earlier this week.  I received the closing statement and my clients are getting a check  back for $2,909.31.

If you would like more information on how to purchase a home with little money out of pocket, reach out to me on my website at or call me and let’s talk.



Jennifer Johnston

Principal Broker licensed in OR & WA

Jennifer Johnston has been a Real Estate Broker since 2001, and is a proud resident of Portland’s University Park, living in the house that her mother grew up in. She understands the power of home and putting down roots. Being a native of the Portland metro area, she received the benefits of learning about great neighborhoods, trends and hot spots. She is a 5 star rated agent on Zillow, Trulia and Yelp and multiple years 5 star award winner with Portland Monthly Magazine and is a recipient of 100 Most Influential Real Estate Agents in Portland award. Jennifer’s goal is to have synergy with her clients. She wants you feel like you are house hunting or house selling with a trusted and experienced friend, and that your journey will be stress-free and as agreeable as possible. Jennifer believes in spending quality time with her clients and really getting to know how they love to live, so she can help serve them and find them their new home. In addition to providing residential real estate services to her clients, Jennifer’s background experiences are artistic and entrepreneurial. She started and ran a restaurant guide for several years after leaving a Program Manager position at NIKE. She developed and organized the International Gourmet Dinner Club, a dinner club which consists of individuals expanding their culinary palette and cooking skills while making new friends who are also passionate about food through monthly theme dinners. When time allows, Jennifer enjoys spending time with family and friends, listening to music from the 70’s and 80’s and doing something that releases some creative energy. Her paintings have been shown in galleries, commissioned by local collectors and she is a major donor for Cascade Aids Project. Certified Relocation Specialist
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