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Did You Know? There Are 3 Ways To Buy A House With No Down Payment

By Pamela Madore

Real Estate Agent with The Pamela Madore Group 573760

October 18, 2014 08:45 AM

Pamela Madore
The Pamela Madore Group
806-290-1920

3 Ways To Buy A House With No Down payment

Really? Are there really 3 ways to buy a house without a down payment? Well, at the moment there is. Please note, that programs change constantly so some of these may be available today but may not be next week. There may be other ones to take there place, though.

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VA-(Veterans Administration)

This program is available only to Veterans. There is a difference between Eligibility and Qualifying. You may be eligible for a home loan but you still have to qualify based on the lender's guidelines. No down payment is required. Below is the chart that VA uses to determine eligibility. I copied this from the Veteran Administration Website

http://www.benefits.va.gov/HOMELOANS/purchaseco_eligibility.asp

Status	Qualifying Wartime & Peacetime Periods	Qualifying Active Duty Dates	Minimum Active Duty Service Requirement
Veteran	WWII	9/16/1940 - 7/25/1947	90 total days
	Post-WWII	7/26/1947 - 6/26/1950	181 continuous days
	Korean War	6/27/1950 - 1/31/1955	90 total days
	Post-Korean War	2/1/1955 - 8/4/1964	181 continuous days
	Vietnam War	8/5/1964 - 5/7/1975 *For Veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961	90 total days
	Post-Vietnam War	5/8/1975 - 9/7/1980 *The ending date for officers is 10/16/1981	181 continuous days
	24-month rule	9/8/1980 - 8/1/1990 *The beginning date for officers is 10/17/1981	24 continuous months, OR The full period (at least 181 days) for which you were called or ordered to active duty
	Gulf War	8/2/1990 - Present	24 continuous months, OR The full period (at least 90 days) for which you were called or ordered to active duty
Currently On Active Duty	Any	Any	90 continuous days
National Guard & Reserve Member	Gulf War	8/2/1990 - Present	90 days of active service
National Guard & Reserve Member	Six years of service in the Selected Reserve or National Guard, AND Were discharged honorably, OR Were placed on the retired list, OR Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable, OR Continue to serve in the Selected Reserve

*If you do not meet the minimum service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions, or (5) a service-connected disability.

Spouses

The spouse of a Veteran can also apply for home loan eligibility under one of the following conditions:

Unremarried spouse of a Veteran who died while in service or from a service connected disability, or
Spouse of a Servicemember missing in action or a prisoner of war
Surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003
(Note: a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must have applied no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 6, 2003 that are received after December 15, 2004.)
Surviving Spouses of certain totally disabled veterans whose disability may not have been the cause of death

To Find Out More About The VA program you can contact me and I will direct you to the appropriate lender.

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SETH Program:

SETH has a mortgage loan program that provides assistance for homebuyers in the form of a gift. The assistance provided by Option 1 is a 5% Grant (based on the loan amount.) Option 2A offers a 4% Grant and with Option 2B the assistance will be a 3% Grant. There is no repayment or recapture period for the assistance received. There is no second lien on the property. This program DOES NOT have a First Time Homebuyer requirement. Buyers must be income eligible and purchasing a home in one of our program areas. All buyers will need to complete the on-lineSETH Homebuyer Education Class.

Income limits by County:

Amarillo MSA:

Armstrong, Carson, Potter,

Randall $72,910

Minimum credit score is 640 and max DTI (debt to income) is 45%

660 credit score or above max DTI is 50%

No manufactured housing permitted

Max sales price $250,200

30 Year mortgage only option

Contact Nikia Zanchittin

http://www.firstmortgageco.com/nikiazanchettin

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USDA Rural Loans

The USDA Rural Housing Service has various programs available to aid low- to moderate-income rural residents to purchase, construct, repair, or relocate a dwelling and related facilities. USDA rural housing loan programs allow qualified homebuyers to get loans with minimal closing costs and no downpayment.

Advantages:

No Down Payment requirement
Property must be located in an eligible rural area
Closing Costs can be added into the loan (if the property appraises high enough to include it at up to 102% of the appraised value)
Loan government guarantee fee with no monthly guarantee fee
Low interest rates
Applicants with a wide range of credit profiles
Income eligible applicants who do not qualify for conventional financing
Families & Individuals that have minimal funds for a down payment and closing costs. Includes First Time Homebuyers and Repeat Homebuyers
Seller Concessions – 6% max
No cash reserve requirement
No Non-Allowables costs
No First Time Homebuyer Requirement
30 Year Loan @ Competitive Fixed Rate
No Limit on Gift Funds

Features:

Property must be in very good condition and have a high insulation R-factor
You can not make over 50% of 115% of the median county income to qualify
Must be able to verify income limits

Contact http://rightstartmortgage.com for details

Frequently asked mortgage questions.

How To Get A Loan To Buy A House Amarillo TX--The Truth About Secured Credit Cards

Let's get started! Call me today!

Pamela Madore
The Pamela Madore Group
Pink House Team
Keller Williams Realty
3955 S Soncy
Amarillo, TX 79119
http://thepamelamadoregroup.com
806-290-1920 (text is fine)