You Can Buy A Home With Little Or No Down Payment
Did you know that you can buy a home with little or no down payment? There is a great variety of home mortgage products available for almost every situation whether you are a first time home buyer, a move up buyer or looking to buy an investment property. There are great options for all of those scenarios.
In the past, the only true “no down payment” mortgage was a VA mortgage available to current military personnel and any veteran in possession of a DD214 certificate. Those loans are still popular and available but now include a renovation option as well.
First time home buyer loans are available to buyers in general with a credit score of 620 and above. These programs are usually ‘grant’ programs with maximum income qualifications depending on family size. Some forgive the grant after a period of years and some require the grant to be paid off when the property is sold. Generally speaking, these programs work in conjunction with an FHA loan.
There are many banks, credit unions, and other lending institutions who now offer special financing with 100% conventional financing and no PMI (Private mortgage insurance). These products may require a little higher credit score but could save the buyer thousands of dollars over the life of the loan. Some groups who are eligible for these loans are doctors, lawyers, policemen, firefighters, and teachers.
If you are interested in seeing if you are a good fit for one of these home loans, please give us a call. We will be happy to put you in touch with a lender who can help. Once you know you can get financed, we are here to help you find your home.