Dont Have 20 for a Down Payment Dont Worry

Many people who are dying to be homeowners thinkFullSizeRender (1) they have to have 20% down to purchase a home.   Here are a few options to consider that you may qualify for:

U.S. Department of Agriculture (USDA) Rural Housing Loan

-100% financing- no money down

-Govt. backed loan for qualifying homes in rural and suburban neighborhoods in all 50 states

-Minimum FICO score of 620

 

Veterans Administration (VA) Loan

-Backed by U.S. Dept. of Veterans Affairs

-Low or no down payment

-Fixed or adjustable

-Requirement:  181+ days of active duty or 6+ months of National Guard Service.  Some surviving spouses of military members might also be eligible.

 

Federal Housing Authority (FHA) Loan

-Backed by Federal Housing Authority

-3.5% down payment

-Minimum FICO score of 580 and lower than that means you may have to put down 10% instead of 3.5%

-The higher your score, the less private mortgage insurance you pay

-Can still qualify even if you’ve had to declare bankruptcy or have been foreclosed on recently

 

Contact us if you want more information or would like to be connected to a fantastic lender that can assist you in applying for one of these loans!

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