The buyers of the home in the US has fallen to a great extent, this is because of the lack of first-time buyers. Moreover, those who are interested to buy a new home in the US for the first time don’t have adequate money to pay the down payment which is required to qualify for the mortgage after making the payment for the rent, commute and many other things. Another reason why there is lack of first time buyer in the US is because most people believe that they need to pay only 20% of their mortgage as the down payment, This is a myth, apart from offering many different private programs which allow no money down mortgages for the people buying a house first time the US government has many legitimate plans to put down the mortgage up to 3%. Therefore, stop questioning How to buy a home with no money down ? And look for the options.
Here is the option mentioned below which will guide you buying a house with no money down in the US.
• USDA zero down payment mortgage program
In the support of rural development, the US Department of Agriculture has made a zero down payment mortgage scheme which specifically targets the low to moderate income families in the country. The Mortgage Insurance Premium programs are one of the best programs of no money down mortgage available in the country. The MIP of USDA loan is 035% and it low as compared to 0.85% for the loans which are offered by the Federal Housing Administration.
• 100% Home Loan Financing Offer of the US Department of Veterans Affairs
Specifically for the veterans, the home loan offered by the US Department of veteran’s affairs helps buying a house with no money down, the best way. It offers 100% financing for the eligible veterans. Moreover, they don’t require any mortgage insurance, which allows the saving of thousands of dollars a year. However, the VA funding fee is required to be paid which is 2.15% of the loan amount.