It is the American dream for many people, particularly newlyweds who are just beginning their lives together. What is this dream of which I am speaking? Purchasing your first home of course. Even if you have top-notch credit, though, you still have to consider a down ฝากขายคอนโด payment and closing costs, both of which can break your piggy bank depending on the cost of the home you choose. Never fear, help is out there. You may be able to purchase your first home with no money down. Yes, that's right. Not a dime. How terrific would that be?
No Down Payment Mortgage
A no down payment mortgage is self-explanatory, but how common are they? Not very, but it can be done. You see, today's economy has changed things drastically in the world of real estate. For example, 20 years ago people were expected to put 20 percent down on a home. Today the average down payment is a mere 3 percent. It is no secret that houses are not selling quickly; this may increase your chances of purchasing your first home without a down payment if your credit glimmers.
The First Step
Before you bring up the topic of no down payment, get yourself pre-approved for a home. This will tell you what houses are in your price range before you begin looking.
The Quicken Loans VA Loans
Once you find a home you like, it is time to talk business. One of the most popular programs to help first time buyers buy a home with no money down is Quicken Loans VA Loans. This is for veterans who want to purchase a home, and they almost never need a down payment. The problem is that most veterans in the military are not aware of this, so feel free to share this information.
Gift Down Payment Programs
A gift down payment program, better known as down payment assistance programs, are available to those who have proven they will have no problem making their monthly payments, but who are unable to make the initial down payment. Each state has these programs available to first time home buyers, but their eligibility requirements vary. Some may set limits on how much a family can earn each year to qualify, or place a limit on the cost of the home you are buying.
You can typically ask for help with a down payment on either a new or existing home, but the money you receive cannot be used to refinance a home. These programs are generally available through your state's housing programs, which are located in each county. Another option is your lender. They can help you choose the right assistance program for you, and help you compose your purchase offer, along with your request for assistance.
NACA - Neighborhood Assistance Corporation of America
There is one loan program that offers a no money down and no closing cost fixed rate 30 year mortgages. Plus this is one of the lowest fixed rate loans in the United States. NACA (Neighborhood Assistance Corporation of America) loan process is based on your income and not your credit score. Participants have to attend a NACA seminar, home buyer workshop, and get NACA qualified.
NACA offers rehab funds to fix up your home and it will be included in your loan. You are also able to buy up to four unit residential properties as long as you live in the property. NACA buyers can purchase homes that wouldn't qualify for FHA or traditional mortgages. You can also pay down your interest rate.
The NACA process is brutal. Some buyers wait 1-2 years to get qualified to purchase and longer to find a property. The escrow may take months due to the inexperience of agents who are not trained on the NACA procedures. But once you have purchased you may have the lowest 30 year fixed rate loan in the country.
Buying your first home can be an overwhelming process, especially when you have to worry about a major piece of the puzzle such as the down payment. Take advantage of those around you who want to help you move into your home and rely on the down payment assistance programs to get those keys in your hands.
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