Posted on: 22nd Nov, 2013 01:09 am
Will it be a good option to start the process of buying a house without the down payment available?
I don't think it will be a good option to start the home buying process unless you have the down payment amount saved.
There are a limited number of options to buy a home with no downpayment.
USDA mortgages are available with no downpayment. Both you and the property must be eligible for a USDA mortgage. The property must be located in an area that is USDA eligible. A lender can look up eligible zip codes/properties. Your income has to be under certain limits for you to be eligible.
You may qualify for a grant for the down payment. You will have to check with local lenders to see if they know of any grants.
FHA and Fannie Mae allow gifts from relatives for ther down payment. If you have any relatives willing to give the gift, you could be in business.
VA mortgages do not require a down payment. You must be an eligible veteran.
USDA mortgages are available with no downpayment. Both you and the property must be eligible for a USDA mortgage. The property must be located in an area that is USDA eligible. A lender can look up eligible zip codes/properties. Your income has to be under certain limits for you to be eligible.
You may qualify for a grant for the down payment. You will have to check with local lenders to see if they know of any grants.
FHA and Fannie Mae allow gifts from relatives for ther down payment. If you have any relatives willing to give the gift, you could be in business.
VA mortgages do not require a down payment. You must be an eligible veteran.
If you are in TX we offer a 1/2% down program as well as USDA, FHA, VA and conventional loans.