Own Your Own Home with a Low or No Money Down Mortgage
Though mortgage lending is not the free for all it seemed to be before the downturn in the economy you may be surprised to learn that there are still 0 down mortgage opportunities available. If you are ready to buy a home but are concerned about coming up with 10-20% of the purchase price as a down payment call us at 888-416-0920. At Smart Mortgage Centers we have a number of 96.5% - 100% mortgage programs we would love to go over with you.
Little to Zero Down Mortgage Options
Most of the low and no money down mortgage options are loans that are insured by the federal government. Below is more information on these specific programs.
VA Loans - Veterans and active duty members of the US Military may qualify for 100% mortgage financing through a loan insured by the Department of Veterans Affairs. This is an excellent option even for those with less than perfect credit.
USDA Rural Housing Loans - If you are purchasing a property in a less populated area you may be able to obtain a USDA mortgage which can be used to finance up to 100% of the home's value.
FHA Loans (Low Money Down Mortgage) - If a VA Loan or a USDA loan is not a good fit for you, and you have some money to put down (as little as 3.5%) an FHA loan may be the right choice. Backed by the Federal Housing Administration, FHA loans are available to borrowers with less than perfect credit and give options to many who thought they would never qualify for a mortgage loan.
These government insured programs typically allow a percentage of the closing costs to be covered by the seller when you purchase a home, an extremely common practice in this strong buyer's market. Talk to your real estate agent about how to request this as part of your offer to purchase.
Have you been considering whether it is the right time to purchase a home? Let one of our expert loan consultants run the numbers with you and help you determine it it makes sense. With the $8000 first time home buyer tax credit (tax credits possibly available for repeat buyers - check with your tax professional for details), many anxious sellers, and excellent 0 down mortgage programs available the time may be right!