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No Down Payment Mortgage & How to Get One

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Can you buy a house with no money down?

Yes, you can.

The down payment can be one of the biggest obstacles to homeownership. Add to this the closing costs and a typical home buyer’s dream becomes unrealistic at best.

If you’re short on cash for a down payment but feel otherwise ready to take on the responsibilities of homeownership, you may only need to find the right loan or assistance program to meet your needs.

 

Zero Down Mortgage: Options

USDA Loans

The U.S. Department of Agriculture created a housing program to help rural development. The USDA rural development loan is a zero-down mortgage for low-to-moderate income families.

Another benefit of USDA loans is that the mortgage insurance premium (mip) is much lower than any other type of mortgage available. Check the USDA eligibility page to find out if the area where you want to buy is a designated area. 

 

Navy Federal Credit Union

The Navy Federal Credit Union is the nation’s largest in assets and membership. They offer 100% financing to qualified members. Federal eligibility is restricted to members of the military, some civilian employees of the military and U.S. Department of Defense, and family members.

 

VA Loans

Military families and veterans may qualify for a VA (Veterans Affairs) loan, which offers 100% financing. The VA loan program has been in place since World War II and is an insurance program that guarantees loans up to a certain limit. 

VA loans not only do not require a down payment, but the mortgage insurance can be wrapped into the loan. 

 

Texas Grant Programs

Texas State Affordable Housing Corporation provides down payment assistance grants for teachers, police officers, corrections officers, fire fighters, EMS personnel, veterans as well as low and moderate-income households. In most cases these grants cover most if not all of the required down payment expenses.

These grants are available for first-time home buyers, as well as repeat home buyers and existing homeowners.  

 

The Bottom Line

A zero down mortgage is a great option for someone who has limited cash available but is otherwise well-qualified to buy a home. If you’ve got no plans to sell for the first few years, you’re willing and able to take responsibility for the upkeep of the home and have steady income, a zero down payment mortgage could help you achieve your goal of homeownership years sooner than you thought.

Contact one of our experts today and we will help you navigate the many zero down options available today.

 

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