Are you a first-time homebuyer trying to figure out how to scrimp and save for a down payment? If so, you may be going without unnecessarily. (Although saving money is always a good idea.) According to a post by Steve Cook on the Equifax Finance Blog, there are several loan programs available for first-time buyers that require no down payment.
In his article, “Home Buying: The Low Down on No Down Payment Mortgages,” Cook covers several types of loans that could help you finally purchase the Jacksonville real estate you’ve always dreamed about. Here are a few of the options he mentions.
If you’re thinking of moving to a small town or suburb, the U.S. Department of Agriculture (USDA) funds loans to thousands of families each year. There are some income and geographical restrictions on these loans. For example, you can only make up to 115 percent of the median annual income where you’re going to live. Also, these USDA loans do not cover homes in major cities. However, you also don’t need to live on a farm or in the middle of nowhere to be eligible.
VA loans are a great option for those who have served 90 days on active duty or with the Reserve or National Guard. Surviving spouses of servicemen and women may also qualify for these loans. They will cover up to half the cost of your mortgage, depending on the amount your borrow and where you live.
Don’t think you’re eligible for the aforementioned programs? Most state and local governments offer a variety of no down payment loans. In fact, most people are surprised by the amount of assistance available for first-time buyers. Do a little research in neighborhoods you’ve had your eye on. You might be able to afford your dream home after all!
Be sure and visit the Equifax Finance Blog to read Cook’s full article and to see a list of resources.
Filed Under: Jacksonville Real Estate