Home proprietary is the dream of many. Manufacture that dream a reality though can be difficult in these uncertain economic times. Several programs are ready that may help you buy that dream home for petite or no money down.
Va Loan Guarantee: If you are a Veteran, you likely qualify for a Veterans administration (Va) Home Loan Guarantee. This program will allow you to buy a home with no money down and you will not have to pay any Mortgage Insurance. The Va will certify more than 25% of the loan. In 2010 for instance, the cap is at 7,000 unless you are in an area deemed "high cost". See the Va website for more information.
Usda Loan Eligibility
You can apply for a Va loan with any mortgage lender that participates in the Va home loan program. At some point, you will need to get a Certificate of Eligibility from Va to prove to the lender that you are eligible for a Va loan.
There are many benefits of a Va Home loan:
Negotiable interest rate. You can finance the Va funding fee. No mortgage assurance premiums. As with all Federal Loans, it is an assumable mortgage. No down payment Buyer informed of uncostly value. Right to prepay without penalty.
The Va does fee a funding fee of 1.5% to 3.3%. If you're using the certify for the first time with 100% financing, then the fee will be 2.15%. If you are a Veteran with a 10% or more disability (as determined by the Va) then you will not pay any funding fee.
Usda: The Usda has a mortgage certify program for rural housing (most of the Us). The home has to be determined rural to qualify and unless you live in a major metro area, the home will probably qualify for the guarantee. Usda mortgage certify eligibility map. The Usda will certify up to 100% of the loan plus the certify fee.
The program features:
30 year fixed rates Generous revenue limits Flexible prestige guidelines It is not petite to first time home buyers Assistance options
Many states have programs as well, check with your states Housing development Authority to find out what is available.
How to Buy a Home With No Money Down - Government certify Programs
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