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
ovided to them at your pre-approval, check your credit report and order the title work and appraisal. It is important to be cautious and not do anything that will change your financial situation until closing. Don't buy a new car, go on a shopping trip with your credit card, skip any scheduled payments or quit your job. A change in your finances can impact your eligibility for the mortgage.