Thinking about buying a home?
It's a great idea, but you may have stopped dead in that track, when you realized there is a downpayment and closing costs to contend with.
So, let's examine ways you can reduce your out of pocket expense:
Item 1 - Find a 0 down loan you qualify for, here are some options -
- VA Loan - If you have served in any branch of the military, you may qualify for a 0 down VA loan.
- Conventional Loan NAVY FED - this is a loan offered by NAVY FED only, if you have family who served, you may qualify for this excellent option. This is a conventional loan, but with the same structure as a VA loan, meaning you can get 0 down, no closing costs (If the seller agrees to it). That is the same scenario as a VA NO-NO.
- USDA 0 Down. This is another great loan type, which is not used a lot, but it is available. The USDA has a 0 down loan avaiable for rural areas. As it happens, some areas around Temecula and Murrieta qualify as do parts of Menifee. In Murrieta and Temecula, parts of French Valley qualify, especially to the east. If you are interested, ask me about a current map of the boundaries, they do change.
These are your basic and fairly reasonable options for 0 down loans. The advantage here is that you can get into a property and begin taking advantage of the great investment a home is. Owning a home is an unparralelled path to wealth and the American dream - as long as you manage it right.
Ask me how to purchase a property for as little as $450 down.