Profile picture for user3253340

For first time homebuyers is there a way to get out of needing a down payment up front?

My husband and I are ready to put our money to use instead of wasting it in rent however dont have a hefty down payment. Was wondering about our options. 
  • August 20 2012 - Carrollton
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Answers (3)

There are two types of mainstream loans you can get that do not require a down payment. One is a VA loan, those eligible for this type of loan include, Veteran, active duty personnel, Reservists/National Guard members, and some surviving spouses.

http://www.benefits.va.gov/homeloans/eligibility.asp

The second is a USDA loan. This loan has certain areas in which properties can be financed. There are also income qualifications that may or may not allow you to obtain this type of loan.

http://www.rurdev.usda.gov/HSF-About_Guaranteed_Loans.html

In addition to reading up on these programs, I would suggest you find a Verified Lender in your area using this site.
  • August 20 2012
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Profile picture for Cindy Quinton
Try Googling your state and downpayment assistance and you will likely find multiple down payment assistance programs like these.
ADDI
Ohio Housing Finance Agency
Homeport
  • August 20 2012
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Profile picture for wetdawgs
If you qualify for a VA loan or if the property is in a rural area and you meet income restrictions, then you may qualify for a USDA loan.  Both have 0% down.

Otherwise, the most common option is FHA with 3.5% down plus closing costs.   It is always prudent to  have an emergency fund of several percent saved up.

Not ready yet?   You have a goal, develop steps to get to that goal!
Here's a link to a buyer's road map.
  • August 20 2012
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