Make your dream for home ownership a reality!
Owning a home is still the American dream and buying a home with no down payment can make that dream come true. For many families who may think that renting is their only option, it may not be the case. Perhaps you have been told in the past the only way to purchase a home is to have a large down payment. This is true in certain situations, but for so many first time home buyers it also couldn’t be further from the truth. No money down home buying is in fact a reality. Unfortunately for many would-be home buyers it comes down to the lack of education provided by whom they contact when attempting to purchase a home. However, I believe firmly that the educated home buyer is the smart home buyer and I would like to introduce you to a little known financing option offered through the United States Department of Agriculture (USDA). Yes, I said Agriculture and no, this is not a home on a farm. 🙂
Disclosure: The USDA Rural Development home loan program is limited to certain areas. The eligibility map does change periodically and not all lenders offer this type of loan. To get more information for where this program can benefit you, please Contact me or give me a call at 732-930-4290.
No Money Down Home Buying
The USDA Rural Development (RD) loan program was designed to help low to moderate income families attain home ownership status with little money out of pocket. This program is for buying a home with no down payment and is available in both rural and suburban settings. This type of loan can be used to purchase an existing structure or build new construction within the parameters of the loan amount and conditions. There are eligibility requirements to qualify for the loan, but if qualified you would put $0 down and the loan would finance up to 100% of the property being purchased. The details of the loan would best be provided by an approved lender authorized to participate in writing this type mortgage (see the Mortgage/Financial Resources section).
Some of the things to consider when applying for this type of financing:
- Credit FICO score of at least 640
- Steady income history within the program requirements
- Closing costs: some cash may be needed, depending on the terms of the sale
If you think this type of financing is what you have been searching for and would like more information, feel free to Contact me (or call 732-930-4290). It would be my pleasure to evaluate your home needs and current situation to see if no money down home buying can work for you. Even if you’re not quite ready to purchase, together we will develop a plan to make home ownership a reality for you and your family.