Recently I have been involved in a few real estate transaction where the buyer’s were able to secure 100% percent financing on no money down loan programs. While there are some caveats to securing a no money down loan, there are certainly available and it could be a good route to go for you.
Available No Money Down Loan Programs
The two No Money Down Loan Programs I am familiar with is USDA Loan and the VA Loan program. If you are a home buyer and consider a low or no money down loan, discuss with your loan officer if a USDA or VA loan program might be eligible for you. Both programs went very smoothly and can be a great tool for any home buyer if eligible.
USDA Loan- No Money Down Loan Program
The USDA Loan is yes offered by the United States Department of Agriculture. It is primarily a loan program for what is considered a “rural” area. In the Greater Boston area this makes the USDA Loan program a little difficult. But there are still communities in Essex County and Middlesex Counties where the loan would be available. Communities such as Georgetown, Merrimac, West Newbury, Tyngsborough, Acton, Littleton, Westford as well as others would be available for the USDA Loan program.
Qualifying for a USDA No Money Down Loan is really not all that different than qualifying for any other loan programs. The only two differences is one, the home you are purchasing is in what is deemed a rural area by the USDA and two, their are income limitations. Otherwise you can use the USDA Loan to finance a single family home, multi family home or condominium.
VA Loans- No Money Down Loan Program
The VA No Money Down Loan program is available to any service member, veteran, or eligible surviving spouse. VA Loans offer a 100% financing program and is far less restrictive than the USDA Loan program and is available for condominiums, single family and multi family homes. If you are eligible their are many benefits to a VA Loan even if you are putting money down.
Maybe one of these No Money Down Programs won’t work for you, but there are still plenty of other low money down loan programs like FHA, Mass Housing, and even conventional financing that will allow you to put down as little as 3% of the purchase price.
If you are thinking of buying a home and are considering a low money down or no money down loan program, give me a call. I will set you up with a lender that can help structure a program for you. Call me at 978-360-0422
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