Believe it or not, there are still options available for home loans with no money down or low money down!
Great news in today's economy!
NO MONEY DOWN OPTIONS:
VA Loans Basics
- Available to Veterans, active duty military, some reservists & National Guard members, some spouses of active duty personnel
- Borrower must qualify in terms of income/credit worthiness
- Borrower must occupy home as primary residence
- No private mortgage insurance
- Borrower is required to pay a VA funding fee but this can often be folded into the loan
- Seller is permitted to pay closing costs on behalf of buyer
- Borrower may be required to pay some fees charged by lender
Rural Development Loan Basics
- Borrower must meet income/credit worthiness
- Borrower must occupy the home
- Home must be located in rural ares
- Single family homes only
- New or existing homes
- Loans may include customary closing costs
- Borrowers may be responsible for some fees required by lender or not covered by appraised value
LOW MONEY DOWN OPTIONS:
FHA Loans Basics
- Borrower must meet FHA qualifications for income/credit worthiness
- Borrower must occupy property
- Single family homes - 4 units
- New or existing homes
- Down payment as low as 3.5% of loan amount
- Seller is permitted to pay closing costs on behalf of buyer
- Borrower may be required to pay some fees required by lender
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