You probably hear that when you purchase a home it’s best to have a 20% down payment. While this is definitely true, we understand that not everyone will be able to get this much cash before they make the big purchase. Believe it or not, there are some options for purchasing a home with no money down.
USDA Loans
These loans are offered by the U.S. Department of Agriculture’s Rural Development office. With options for no money down, this may be right for you. This loan is for median-income families with an income that’s below 115% of the median income for the area looking to move to a rural area. Sound like you?
Not sure if you’d qualify? CLICK HERE for more info on these loans.
VA Loans
Thanks to the U.S. Department of Veterans Affairs, we have V.A. loans which are intended for active or retired military personnel. They also provide the opportunity to purchase a home with no money down, and no PMI (Private Mortgage Insurance) is needed! Your ability to qualify depends on your Certificate of Eligibility and your time serving as an active duty soldier or your service in the National Guard.
Want to see if you’d qualify? CLICK HERE for more info.
Check out all the Gilbert homes that qualify for VA loans!
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Down Payment Assistance Programs
Down payment assistance programs are another option. You only need a minimum credit score of 640, and you could qualify for 3-5% of your down payment. Best part – you don’t have to pay back the money!
Interested in pursuing one of these options? Want to see if you qualify for any of them?
CALL/TEXT us today! 480-373-8755
For some more tips on purchasing a home with no money down check out these articles:
Realtor.com “How to Buy a Home with No Money Down“
Realtor.com “How to Buy a Home with a Low or Zero Down Payment“
Clark.com “6 Options for Buying a Home with Little or No Money Down“
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If you want to learn about some financing options, or if you’re looking to get pre-qualified, contact Parker Turk at Sun American Mortgage Company: 602-616-3774.
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