So you have no shoes, no shirt, no downpayment, no problem. You are smart enough to know that interest rates are super low; you also know that home prices are super low, but you don't have a downpayment. Are there options for you. Yes there are. The simplest option is the VA loan. Not a veteran? How about a zero down USDA loan. Can't find the right property? How about a gift for your downpayment of 3.5%. Need a low downpayment loan? Click here.
Don't try to pick the bottom of the housing market to buy your home. Why? because most experts feel that the bottom happened last fall. Home affordability is high and smart money is buying now.
One option to buying now is the 3.5% down FHA loan. The entire 3.5% down can come completely from gift funds. Think that FHA is just for inexpensive housing. In some high cost areas you can get FHA loans up to the low 700k mark.
The VA loan is the most widely known zero down loan. These loans offer zero down with the seller being able to pay for closing costs and liberal credit and income requirements. There is a funding fee but there are no monthly mortgage insurance payments.
The USDA loan is not known at all. It is not for farms. The USDA offers zero down loans based on population density and household income. This is a great program and you should look into it. There is no maximum price but there are fees for this type of loan.
If you don't have any cash and you are lucky enough to receive a gift for 20% or more for you down, all the funds for closing can be a gift. If you are ready to buy a home but don't have the down, don't give up, there are options for you.
Facebook has 1 billion of your friends for you to talk to, click here.
Comments(0)