It almost seems impossible to live without credit cards, student loans, car payments, and all…
How to Buy A Home This Summer With Zero Down
No Money Down Home Loan Programs
USDA Home Loan
A rural development mortgage from the USDA is a zero-down loan for low-to-moderate income families. Besides the no money down, you’ll enjoy other perks like a mortgage insurance premium (mip) is that’s lower than most other home loans. There are a few limitations to this loan, mainly the location of the home and your income.
VA loans are for those who are currently or previously served in the armed forces. They also apply to spouses of veterans.
If you currently receive or qualify for any military benefits, then you’re likely eligible for a VA loan. In addition to the zero down-payment, you’ll also save money on mortgage insurance because VA loans don’t require it! VA loans are also flexible with credit score requirements. You’ll need a VA certificate so be sure to contact the Department of Veteran Affairs to get yours and contact us to get started with your loan application.
FHA loans are government-backed with flexible qualifying requirements similar to VA loans. While you’ll still need a down payment with an FHA loan, the minimum is much lower –sometimes as little as 3.5% of the purchase price!
Here’s a hint for using an FHA loan AND still pay zero down: use gifted funds!
Unlike other loans, FHA mortgage allows you to use gifted funds for 100% of your down-payment. When you combine that perk with that of only 3.5% down, you can see how easy it is to buy a home with an FHA loan!
Start your mortgage application today!
Have more questions? We’re here to help! Call 818-797-5555 or email us at firstname.lastname@example.org, and we’ll get back to you with personalized mortgage answers.