If you want to buy a house but have little or no money to put down, you still have many options to buy a home.
One of the most important things to differentiate in this situation is what’s required at closing in terms of cash. You’ll have the down payment in addition to the actual expenses required to buy a home, like title fees, lender fees, and transfer tax, to name a few.
You can get financing with as little as zero down with either a USDA loan or VA loan. You must be a veteran or active military service member. USDA loans are property-specific, meaning the house you buy must be USDA-eligible. There are some income limitations as well.
“In addition to low down payment mortgages, you can get down payment assistance.”
Then, you have the conventional home loans with a 3% or 5% down payment, which have some income limitations too. To help with these costs, there are also some down payment assistance programs. Some are county-specific, and some are only in regards to your employer and whether they’re a participant in down payment assistance programs. The amount of assistance you could receive depends on many factors, but it ranges from $5,000 up to about $30,000.
Our job is to try to preserve as much of your cash as possible, so we can also negotiate on your behalf to have a home seller pay the majority of all of those closing costs.
If you have any questions about buying a home or about down payment assistance programs, don’t hesitate to give us a call or send us an email. We’d love to help you find the best option for you.