Is it possible to buy a property without a down payment?

Yes. But what is a low or no down payment mortgage program?

These methods allow you to put down very little cash to none at all for a down payment. If you have been planning to buy a house but your funds are not quite enough, you still have options to get that dream home.

How To Claim A No Down Payment Mortgage Program

There are a lot of programs available that can help first-time home buyers get an approval for a mortgage without the need to pay the twenty percent down payment. There are lenders who help first-time buyers qualify for their loan in mortgage by allowing them to pay a lowered amount of down payment.

You just have to know where to look. That being said, buyers will always have several options in order to purchase property.

What should you do?

Don’t settle for the first one. Find several offers and choose which fits your need best.

Different banks and lenders have varying qualifications and payment options. Some of them require a certain credit score while others can be done through negotiation.

It’s also a matter of which bank is willing to lend a bigger amount that can satisfy your needs.

Here are 2 easy ways you can get a zero percent or low down payment:

USDA Loans

USDA loan form and documents on a table.

The United States Department Of Agriculture offers several loan options for every US citizen. They adjust their loans depending on your annual income and their requirements are simple, too.

However, the offers vary on your location and the size of the family. It may be different if you’re from New York and it can also be different when you are from Ohio.

Another benefit from USDA is the lower amount of loan insurance with only 0.35% compared to the usual 0.85%. Qualifying income ensures that the borrower can pay for the monthly mortgage.

HFA Loans

As the cost of living increases, the financing cost does as well. HFA offers affordable options that can expand and adjust to your needs.

Once qualified, HFA will guide you throughout the loaning process and show you different types of options you can choose from with a benefit of a low down payment up to 3%.

Apart from these lenders, there are many ways to get zero to low down payment with the help of a reliable and understanding lenders. Start your real estate plans now!

Call us at 831-636-5363 to get started or click here!