10 Creative Strategies to Own a Home in 2023 Without a Mortgage

Simplify Your Path to Homeownership with Creative Financing Options in 2023

Pay with Cash

If you’ve saved up enough money or come into a windfall, like getting a big inheritance, you can buy a house outright with cash. It’s simple: there are no monthly mortgage payments, and you don’t have to worry about interest rates or a credit check. It’s like buying anything else, but just a lot bigger!


Auction-Bought Homes

Another cool way to get a house is by bidding in an auction. This can be because the original owners didn’t pay their taxes or mortgage, so the house is sold off to the highest bidder. There are different types of auctions, like those where there’s no minimum bid or those that need a certain bid to sell. But remember, you might not get to see the inside of the house before you buy, and it could need some fixes.

Seller Financing

This is when the person selling the house becomes the bank. You create a deal where you pay them over time, like a mortgage but without the bank in the middle. This can be cheaper and offer more flexible terms, but make sure you get all the details in writing!

Private Loans

Sometimes, a friend or family member might lend you the money to buy a house. This can be great because you might get a lower interest rate and it simplifies the process. Just remember to treat it seriously with a clear contract.


With rent-to-own, you start by renting the house and then have the option to buy it after a set time. It’s good if you’re not ready to buy right away because it lets you lock in the price and save up to buy later.

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Invest in a Duplex

Buying a duplex is smart because you can live in one side and rent out the other. The rent you get can help cover what you’d normally have as a mortgage payment, and it’s like getting help with paying for your home.


Shared Equity Properties

This is when you and an investor split the cost of buying a house. They help with the down payment, and you both own a piece of the home. This can make it easier to get into a home if you don’t have a lot of money for the down payment.

Tiny Homes

Tiny homes are small but affordable. They’re usually around 600 square feet, and you can buy some for about $20,000. If you’re okay with less space, a tiny home can be a cozy and budget-friendly way to own a home without a big mortgage.

Government Loans

The government offers special loans that make buying a house more affordable. For example, FHA loans only need a 3.5% down payment, which is great for people buying their first home. There are also loans for veterans and for those looking to live in rural areas.

Crowdfunding Your Home Purchase

Just like fundraising for a cause, you can crowdfund your home purchase. You’ll share your story and why you want to buy a house, and people, even strangers, might chip in to help. It’s a modern way to get a community to support your homeownership dream.

By looking into these alternative ways to buy a home, you can take control of your home-buying journey even without a traditional mortgage. Whether you choose to pay with cash or try a more unconventional route like crowdfunding, there’s an array of options available to make the dream of owning a home a reality in 2023.

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