It’s true --you can buy a home with no money down!
If you've been toying with the idea of buying a house but the lack of down-payment funds is holding you back, you’re in luck! We’re going to show you how you can buy a home this summer even if you don’t have a penny saved for a downpayment.
A rural development mortgage from the USDA is a zero-down loan for low-to-moderate income families. Besides the no money down, you'll enjoy other perks like a mortgage insurance premium (
Contact us to find out if the area you’re considering is approved for USDA home loan purchasing and to see if you qualify for a USDA mortgage.
VA loans are for those who are currently serving in the armed forces, previously served and is now a veteran as well as for spouses of veterans.
In other words, if you currently receive or qualify for any benefits from the military, then you're likely eligible for a VA home loan. In addition to the zero down-payment, you’ll also save money on mortgage insurance because VA loans don’t require it! VA loans are also flexible with credit score requirements. You’ll need a VA certificate so be sure to contact the Department of Veteran Affairs to get yours and contact us to get started with your loan application.
FHA loans are government-backed with flexible qualifying requirements similar to VA loans. While you’ll still need a down payment with an FHA loan, the minimum is much lower --sometimes as little as 3.5% of the purchase price!
Here’s a hint for using an FHA loan AND still pay zero down: use gifted funds!
While other loans have limitations as to how much of your down-payment can be gifted, and FHA mortgage allows you to use gifted funds for 100% of your down-payment. When you combine that perk with that of only 3.5% down, you can see how easy it is to buy a home with an FHA loan!
Have more questions? We’re here to help! Call or email us, and we’ll get back to you with personalized mortgage answers.
Address:200 W 22nd Street
Suite 280
Lombard, Illinois 60148
Phone: (630) 620-5200
Fax: (224) 534-3327
Email: loaninquiry@cuamerica.com
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