It is possible to get a loan and purchase a home with no money down.
For many potential home-owners, one of the biggest obstacles to purchasing a home is coming up with the money to secure a down payment.
But did you know that no-money down home loans are available? There are programs available through the government and private lenders that can get you approved for a mortgage and into a home without a down payment.
That’s right – You can purchase a home with no money down
Buying a home with no money down can be a life-changer, you can improve your life and that of your family by living in your own home. However, there are some things to be aware of before jumping in head first.
- Down Payment Assistance – In 2022 one of our lenders began offering Down Payment Assistance (DPA), covering the cost of the down payment on behalf of the borrower. This has became a very popular loan option and is available for new home owners, VA loans, USDA as well as conventional loans.
Generally, the phrase “no money down” generally refers to two different types of home loans: VA loans and USDA loans.
- VA loans are available to veterans and active service members. They typically don’t require a down payment, and they have more relaxed credit requirements than other types of loans. Learn more about VA Loan>>
- USDA loans are available to rural homeowners. They also don’t require a down payment, but they have stricter credit requirements and are not available in all locations. Learn more about USDA Loan>>
In both cases, the borrower is not required to make a down payment, making homeownership more accessible for those who may not have the savings for a traditional down payment.
Although no money down home loans can be a life-changing opportunity, there are various aspects of no-money down loans to keep in mind. Getting a loan and buying a home without a down payment could end up costing you more over the life of the loan and might not be the best choice for you.
We are here to help!
If you’re interested in exploring your loan options, contact the team at Right Trac Financial to learn more – get in touch with us today.
With or without a down payment, the home buying process can be intimidating, but the team at Right Trac Financial is here to make the process as easy as possible. We want to help you realize the dream of home ownership.
We’ll answer all your questions and guide you through the process to make sure you are in the best position to make homeownership a reality for you.
For more than 40 years, we’ve helped people just like you find the right mortgage for their unique needs and financial situations. We’ll work with you to find the best option, which could be a no money down home loan that fits your budget and helps you achieve your homeownership goals.
Give us a call today or fill out our online form to get started.
We look forward to helping you!