Looking to Buy a Home? You Have More Options Than You Think.
If you're in the market for a new home, you're probably aware that you'll need to come up with a down payment. What you may not know is that there are programs out there that can help you with that. Below, we'll explore three of those options.
If you're a first-time homebuyer, you may be eligible for an FHA loan. These loans, which are backed by the Federal Housing Administration, allow buyers to put as little as 3.5% down. In addition, FHA loans come with more flexible credit requirements than conventional loans, making them a great option for those who may not have stellar credit scores.
VA loans are available to active-duty military members, veterans, and their spouses. These loans are guaranteed by the Department of Veterans Affairs and can be obtained with no down payment whatsoever. In addition, VA loans don't require private mortgage insurance (PMI), even if the buyer is putting less than 20% down.
USDA loans are for buyers looking to purchase homes in rural areas. These loans are backed by the U.S. Department of Agriculture and require no down payment. One thing to keep in mind with USDA loans is that they come with income limits; in order to qualify, your household's income must be below a certain threshold.
Conclusion: There are many options available for those looking to buy a home but who may not have the savings for a traditional down payment. FHA, VA, and USDA loans are all viable options depending on your situation. Contact your local lender today or check out our featured lender to learn more about which program could be right for you.
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