Ingrid B. Quinn

NMLS ID #211652 Arizona, Loan Consultant

No Down Payment Home Loans

23 Comments

Open House sign if front of house for sale

Are you in the market to buy a home? There are a few options to purchase a home with no money down. Here are some of the options out there today and remember each option has its own particular guidelines and terms that will vary form loan to loan.

• VA loans: This is offered to active, honorably discharged, retired and widowed military personnel. You do still need a 620 credit score to qualify and there is a funding fee that varies depending on military status type.

• The Office of Housing & Development (HUD): HUD REOs (Real Estate Owned) Homes owned by HUD can be purchased for as little as $100.

• HUD programs: There are federal programs for public service healthcare professionals, firefighters, police force and teachers.

• USDA Rural Housing loan: This loan is designed for people who live in rural areas.

• Lease-Purchase: The seller agrees to sell the home to the person leasing it at a specific date in the future. When this is done the person leasing the home will usually pay an amount
in excess of what rent would normally be. This extra money is set aside with an escrow company as a “down payment savings plan”. When the selling date arrives the extra money will
be used as a down payment on purchasing the home.

These are some of the no money down options when purchasing a home and please keep in mind that terms of each agreement do slightly vary form situation to situation. If you have any questions or comment please feel free to email me at Ingrid.quinn@cobaltmotgage.com

Author: ibquinn

I am a Senior Loan Officer at Caliber Home Loans, with over 32 years of Mortgage Banking experience. I have the expertise and knowledge to help focus in on your homeownership goals and make them into reality. My team of experienced mortgage professionals and I can assist you in all steps of the home buying process and ensure that you have a smooth and hassle-free transaction. Caliber cannot accept mortgage loan applications or inquiries for properties located in New York through this site. Ingrid Quinn NMLS #211652 BK#0923637 www.ScottdaleMortgageExpert.com

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