While it is the most eagerly discussed cost associated with buying a new home, the down payment is really just one of many costs for new homeowners, who must also come up with closing costs, moving costs and have an emergency fund for the unexpected. That's why many consumers who have the credit qualifications and steady income to qualify for a home loan may still shy away from taking the home ownership บ้าน มือสอง plunge.
During the peak of the recent housing market boom, many lenders offered "No Deposit Down" loans. But currently, almost no conventional loans are available without a down payment of at least three and a half percent of the home price; often it is more. And with lawmakers currently clamoring to institute a 10 or 20 percent minimum down payment, the stakes may become much higher. For many people who otherwise would be able to afford the monthly payments, home ownership becomes a largely impossible dream.
However, there are still some No Money Down programs available for select home buyers who have good credit (a credit score of at least 620), can document their income, and meet other qualifications.
For example, military families and veterans may qualify for a Veterans Affairs, or VA, loan, which offers 100 percent financing. These types of home loans, available up to $417,000, have been offered to military personnel since World War II. To apply for a VA loan, borrowers must obtain a Certificate of Eligibility (COE) from a VA eligibility center by proving their military service. While VA loans do not require a down payment, it is likely that a mortgage insurance fee-which is 2.15 percent of the purchase price-will be integrated into the loan; these loans require a debt-to-income ratio of about 41 percent.
The United States Department of Agriculture's Rural Development Housing Loans are available for people living in specifically designated regions of the country. While the loans are technically for rural areas, some eligible locations are near towns. To qualify, besides geographical location, borrowers must meet the program's income requirements. USDA loans are geared to low and moderate income households who have the income to afford the home payments but may be unable to save enough for a down payment. Minimum credit scores vary from lender to lender, anywhere from 600 to 640 or above. Check the USDA eligibility page to find out if the area where you want to buy is a designated area. Borrowers can enter their zip code, income and number of household members on the USDA website to find out if they meet the guidelines.
A little research may come up with other no or very-low down payment opportunities. Most states, counties, and even local municipalities offer home buyer incentive program, from down payment assistance and closing cost assistance, to low interest rate home loans. Also, some areas have programs to help buyers in certain professions, such as teachers or first responders.
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