How To Get A Home Loan With No Down Payment
Are you wondering how to get a home loan with no down payment? Purchasing a home can be rewarding but it can also be expensive. You must prepare to pay expenses, such as closing costs, home insurance and even a down payment. Don’t let having no down payment overwhelm you; there are many options available to you to get a home loan with no down payment.
- Get a VA loan. If you are member of the armed forces or previously served, you may qualify for a VA loan. VA loans are low interest loans offered to members of the armed forces. To obtain the loan, you will be required to provide a statement from your unit commander as verification. When using a VA loan, a maximum of 25 percent of the loan is guaranteed. In most cases, veterans can acquire a VA loan with no down payment being required.
- Get a USDA loan. The U.S. Department of Agriculture Rural Development offers home loans with no down payment being required. These loans are available to low income families. You will be required to purchase a home in certain rural areas. Although your credit does not have to be prefect, you must have a reasonable history with no defaulted debts.
- Get a FHA loan. FHA loans are insured by the Federal Housing Administration. An FHA loan can help you get into your home with no down payment and you may even get a low interest rate. To qualify for a FHA loan, you must show proof of your income, your employment and credit history. An FHA loan may also allow you to include your closing costs in with your loan.