Purchasing a Home With Limited Cash

Mortgage and Lending with Veterans United Home Loans NMLS #1907 NMLS# 261072

Saving for a down payment remains the No. 1 obstacle to homeownership. Many American’s have good credit and have the income to qualify for a home loan — especially considering the fact that owning is cheaper than renting in most areas of the country. Yet, coming up with the cash is the problem.

Here is what most renters do not realize. There are several alternatives designed to lessen or eliminate the cash necessary to purchase. Many renters do not realize that they may be eligible for no-down payment programs if they are a veteran, a first time buyer, or live in a rural area.

Others can use techniques such as gifts or loans against 401K programs. Even the lender can help with special programs which can lessen or eliminate mortgage insurance and closing costs. Many times the issue is not a lack of resources, but a lack of education.

Comments (2)

Anne Hensel
South Beaches Real Estate Professionals - Saint Petersburg, FL
Realtor - Broker - St. Pete Beach, Treasure Island

Great suggestions for buyers with limited cash, thanks!

Mar 13, 2014 09:10 AM
Kevin Warren
Veterans United Home Loans NMLS #1907 - Virginia Beach, VA

Thanks Anne!

Mar 14, 2014 03:16 AM