Stage Your Home for a Quicker Sale at a Higher PriceBefore the “For Sale” sign goes up, smart homeowners typically make any necessary repairs and clean until their homes shine. Home
Purchase a Home With No Down Payment
Dated: 05/23/2019
Views: 196
How to Purchase a Home With No Down Payment
The trend in home buying has moved away from large down payments. In fact, today’s average down payment is just 6 percent, with zero-out-of-pocket deals more common than you might think.
Accumulating savings while working can be difficult, especially for young first-time buyers with large amounts of student loan debt and beginner-level salaries. Here are several resources to consider.
Have you served in the military?
Veterans, active service members, and qualifying spouses should check the Department of Veterans Affairs, also known as the VA, for mortgage assistance. The agency offers many benefits, putting veterans in a powerful position to negotiate terms for a new home purchase or to refinance an existing home. The VA does not restrict assistance to first-time buyers.
Can you qualify for down payment help based on income?
The Federal Housing Administration, also known as the FHA, works with lower-income buyers. Program eligibility is based on yearly income and a minimum credit score. Down payment grants range from 3.5 percent to 5 percent of the purchase price, usually forgiven after owning the home for a specific number of years. Programs and eligibility requirements vary, depending on where you live. Pro tip: The FHA places caps on the entire mortgage amount it will insure.
Do you live in a rural area?
The Department of Agriculture also offers mortgage help, focusing its assistance on rural areas. Eligible buyers can use the program toward an existing home purchase, new construction, refinancing, and even home improvements to ensure safe and sanitary conditions.
Do you live in a city or state that issues mortgage credit certificates?
Issued by state or local governments, these certificates serve as a tax credit for first-time buyers. Because it reduces income taxes and increases net income, it can also help qualify a buyer for a mortgage. As long as the buyer lives in the house and pays the mortgage interest, this credit renews. It also can be used with a conventional mortgage or the above-mentioned government loan programs.
Hal Schlegel
Hal's real estate experience gives him a unique ability to represent, negotiate, and close real estate transactions, “challenging issues become closed transactions”. Hal maintains a team of qualif....
Latest Blog Posts
Should You Buy a House Before Selling Yours?If you’re in the market for a new home, should you buy a house before selling your current home? That’s a tough call. Here are some important
How to Purchase a Home With No Down PaymentThe trend in home buying has moved away from large down payments. In fact, today’s average down payment is just 6 percent, with zero-out-of-pocket
Checklist for Getting Started In Your New HomeClosing on a new home may feel like reaching the finish line. But before you kick back and relax, take these important steps to settle into your new
Based on information from California Regional Multiple Listing Service, Inc. as of December 13, 2019 5:37 PM. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
