No Down Payment Mortgage Broker
The biggest barrier to home ownership, and often the single biggest expense is the mortgage down payment. But it doesn’t have to be. There are no down payment mortgage lenders that finance the entire purchase price, eliminating the need for a down payment. If you need to buy a house now, and don’t have any plans for way to come up with cash for a down payment, then it might be a good time for a no down payment loan.
What is a Down Payment?
A down payment is a portion of the purchase price that a home buyer pays from their own funds. It’s the part of the home purchase price that you don’t finance, but instead pay out-of-pocket.
No Down Payment Home Loans
It may sound too good to be true, but there are options if you are in the market for a no down payment mortgage. If you know about the special programs available, you can buy a home with nothing down.
USDA Home Loan
A USDA home loan is backed by the United States Department of Agriculture (USDA), and designed to provide eligible homebuyers in rural and suburban areas who had limited financing options to realize their dream of homeownership. Almost 97% of the U.S., which includes small towns and suburbs, are eligible properties. The USDA Mortgage eligibility map shows you the areas where you can use this loan.
- No Down Payment
- Low Mortgage Insurance
- Competitive Fixed Interest Rates
- Flexible Credit Guidelines
VA Home Loan
The VA Loan is a mortgage that’s issued by approved lenders and guaranteed by the U.S. Department of Veterans Affairs (VA), that guaranteed millions of veterans, active duty military members and their families to purchase homes. This historic benefit program helps returning service members, active military or veterans make home ownership a reality for who might otherwise not be able to afford it.
- No Down Payment
- No Mortgage Insurance
- Competitive Interest Rates
- Flexible Credit Requirements
Many hopeful home buyers often ask “Can I really buy a house with no money down?” The answer is yes. If you’re stuck trying to raise enough money for a down payment, Homestead Mortgage can help. Home buyers with little money for a down payment are finding more home loans available that may require no down payment. To learn more about your no down payment loan options, contact the Homestead Mortgage no down payment mortgage lenders experts Tim Barr today!