Are you interested in buying a home...
but worried about coming up with the down payment?
If so, you are not alone...
of recent home buyers in Maine were first-time buyers.
(according to the 2012 Profile of Home Buyers and Sellers by the National Association of Realtors).
Good News!!
There is still some no-money down
mortgage options available!
Here are a couple of options:
- Rural Development - This program offers no money down loans if you meet income eligibility and credit requirements. There are also restrictions on where the property can be located. There is a RD Direct Option as well as a RD Guaranteed Housing Loan program that is offered through private lenders.
- VA Home Loans - This program is offered to Active Duty Service members, Veterans, and National Guard and Reserve members. To be eligible, you must have a good credit score, sufficient income, a valid Certificate of Eligibility, and meet certain service requirements.
If you don't qualify
for one of the no-money down options,
don't worry...
- Maine Housing First Home Program - offers mortgages to first time buyers with little or no down payments if you meet the income limits.
- FHA offers a mortgage with only 3.5% down! The purchase price amount that can be financed varies from state to state (see Maine's loan limits here).
Setting up a meeting with a couple of reputable lenders is the first step in finding out what program will work best for you. Not all lenders offer all mortgage options so you may have to shop around a little bit to find the best fit.
Be Prepared:
When you meet with a lender, what will you need?
2 years of tax returns with W2's
30 days of pay stubs
2 months of bank statements
If you are interested in purchasing a home
with little or no money down,
call us at (207)784-3800
or e-mail brenda@fontaineteam.com
to get started today!
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