Ways to Buy a House With NO Money Down
In this video I go over 4 ways to buy a house with NO money down. If you are looking to buy a house with no money or little money down one of these programs should work.
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#1 Home Buyer Mistake:
Ways to Buy a House With NO Money Down
The most asked about question most real estate agents get from the client is how to buy a house with no money down. How to buy a house with no money own or very little down. These 4 different loan programs will give you an idea of the options. So let’s start off with the government loans. Everybody has heard of an FHA loan which is a department in HUD (Housing in Urban Development). FHA stands for Federal Housing Administration which they are guaranteeing the loan in case of default. The second one is VA. Now if you’ve been a veteran or have VA eligibility, you’ve been in the reserves, then you could get a VA loan. FHA is probably the most popular. FHA is a formula, but it’s about 3 1/2% down. That’s the down payment for FHA. And then you have the closing cost, and again, this could vary on a lot of different factors.
The second one is the VA. VA, probably hands-down is for no down payment and even no closing costs. It’s certainly one of the better options out there. If you are a veteran or been in the reserves and you have the eligibility because a VA Loan program actually has a no down payment program. There is no down payment and then you have your closing cost, but again, you could get it from a gift from a relative and you could ask the seller to pay the closing cost. So there’s a lot of different avenues that you could go on that.
Another one is, when most people talk Fannie Mae, you have Fannie Mae or Freddie Mac, but most lending institutions use a conventional loan and is generally just underwritten under Fannie Mae. Now Fannie Mae does have a 5% down and 3% downpayment program in most cases. You could get into this with your lender because it all depends on your particular case, but in most cases, you don’t want to go with the 3% because it’s just going to be higher interest rate, much higher mortgage insurance premium. They have a 5% and you could even get that money and the 3% for that matter, you could even get that money as a gift from a relative then you have on the closing cost the seller pay it.
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4 Ways to Buy a House With NO Money Down
We have something called the USDA. This is more for the rural areas, but it doesn’t necessarily mean you are really in a rural area or very far away. We have it in some of our outlining cities and you could go to their website and see if you’re are eligible or not. It’s 100% financing program and then you could have the seller pay for your closing cost if you want. They have it throughout the country.
There many of down payment programs in the US but the drawback is most people don’t know about and almost all don’t know where to start. You have to be cautious and you have to do a little bit of your own research. If you’re using a bank, always try to use a loan officer that’s local and of course, always try to use a real estate agent that knows what they’re doing but that’s the basics on the different loan programs. Overall, a VA loan is best if you qualify for one. If you aren’t a veteran but have decent credit, a conventional loan is naturally a better choice than an FHA loan. And an FHA loan means that you don’t need an exceptional credit or much money upfront, so if you can’t qualify for any of the other choices, it may be your best bet. Of course, don’t forget to check with banks in your area to see what they offer.
The bottom line is that even if you don’t have tons of cash in the bank, there are several choices available to help you become a homeowner, so don’t let a lack of funds keep you from buying your dream home.
Please contact me if you have any questions about buying a home with no money down.
Links you can use:
VA: https://www.va.gov/
FHA: https://www.hud.gov/program_offices/housing/fhahistory
Fannie Mae: http://www.fanniemae.com/portal/index.html
USDA: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Sincerely,
Lance Mohr
Mohr Home Group at Keller Williams
813-317-4009
http://www.tampa2enjoy.com
https://www.youtube.com/tampa2enjoy
4 Ways to Buy a House With NO Money Down