Didn’t know there was no down payment loan programs that allowed home buyers to get in with literally $0.00. Looks like this is the greatest time to buy a home.
1. Interest Rates are historically low
2. Home prices are low compared to 2005 levels.
3. No out pocket to buyer
Never thought in today’s real estate market would we ever see No down payment home loan programs. A new down payment assistance program. This program opens the door for those future home owners sitting on the fence.
Most real estate buyers in this program could qualify for $0.00 down payment and $0.00 closing costs with the right real estate specialist. Literally buying a home with no money out of pocket.
If you don’t have enough for a sizable down payment or just want to save enough money to buy your ideal home appliances then this new No down payment home loan program could be for you.The Benefits of a No Down Payment Program
Even you if have saved a little next egg, there could are many sound reasons why a no down payment option would make sense.
5% of the sales price towards down payment and closing costs
Helps keep your assets where they are, in other investments and/or expenses
Free up some cash for other home buying expenses, such as moving expenses, new furniture, and other costs.
Lets you buy right away and start turning rent payments into potential home equityHow to Qualify for this No Down Payment Home Loan Program
Income limit per household is $90,000, If US Military, there is no income limit
Cannot have any ownership interest in any other Mortgage/Deed/Warranty Deed
Qualify for FHA, VA, USDA loan with a 640 FICO score or higher
The Debt-to-income ratio can’t be higher than 45%, No Exceptions!
Owner Occupied Only
Not for refinance, Purchases only.Examples of this No Down Payment Program:
Loan Amount Down Payment / Closing Cost (5%)
$300,000 $15,000 Gift
$220,000 $11,000 Gift
$185,000 $9,250 Gift
Not Purchase Limits!
Didn’t know there was no down payment loan programs that allowed home buyers to get in with literally $0.00. Looks like this is the greatest time to buy a home. Why? 1. Interest Rates are historically low 2. Home prices are low compared levels. 3. No out pocket to buyer, Wow!