Sweat Equity Programs: Buy a House with Little or No Money Down

Not many people are fully aware of the sweat equity programs available for first time home ownership. Anyone can buy a home with a little basic home construction knowledge and even better, little or no money down!

I could not believe my ears when Sam, a former co-worker, told me how much he put down on his house. “Who got ripped off, you or the seller?” I sarcastically asked him. “Neither”, he replied with a proud smile. I then proceeded to pick his brain for the what, where and how of it all. He began to tell me of the sweat equity program and how he and his wife earned credit by performing a portion of the work involved which was deducted from their down payment. When it was all said and done, Sam wrote a check for only $650 and soon after, he was moving into his first home. “It’s a lot easier than people think it will be”, claims Sam Bachman, a Pergo floor installer in Bend, Oregon, who did a large portion of the “sweat” in his house. Installing his own hardwood floors, hanging his doors and painting reduced his down payment to well under what most people would spend on a house of similar size. “I could have moved in with zero down if it wasn’t for the upgrades”, he added. Sam’s upgrades consisted of extra heating ducts for the upstairs rooms. Sam also claims that some of the minor glitches and problems were worth it because he was able to watch the builders and catch them in the act. For that reason, it pays to know a little about home construction plus the satisfaction of ownership will always be there, for Sam and many others finding out that a little sweat pays off in the long run.