New Homes Guide BlogSwitch to:
Senior Living

New Homes Guide Blog

  • Featured Builders
  • Planned Communities
  • Active Adult Communities
  • Advanced Search
  • Blog
  • Email Alerts
  • Spring Sweepstakes
  • Enter Sweepstakes
Home · Blog · Helpful Hints · Buy a Home for Zero Down. Really?

Buy a Home for Zero Down. Really?

Helpful Hints
By New Homes Guide October 11

“I can afford monthly mortgage payments, but I just can’t afford a 20% down payment right now.”

Sound familiar?

Luckily, a high down payment doesn’t have to keep you from owning the new home you’ve always wanted. Here are a few options that can help:

1. Conventional Mortgage: Conventional loans backed by Freddie Mac or Fannie Mae save you money by allowing down payments as low as 5%. Their special homebuyer programs may help qualified buyers avoid paying for mortgage insurance, too!

2. FHA Mortgage: There are some limitations to how much you can borrow with an FHA mortgage, but it’s easy to qualify and requires as little as 3.5% down!

3. VA Mortgage: For veterans or active-duty service members, a VA mortgage is often a great way to go. The U.S. Government will guarantee your loan, giving you a chance to buy with no down payment or mortgage insurance. Certain non-military, service-affiliated borrowers also qualify.

4. USDA Mortgage: Contrary to what its name might imply, a USDA mortgage does not limit you to a very rural area. Many neighborhoods that would be considered suburbs are covered under this zero down, low-rate mortgage.

Click here for more details on these four mortgage options from MortgageLoan.com.

Stay Connected with
New Homes Guide 24/7
Subscribe

Primary Sidebar

More From Helpful Hints

  • 1New or Existing Construction: What’s Your Best Bet?
  • 2Achieve Your Dream Retirement LifestyleAchieve Your Dream Retirement Lifestyle
  • 3How to Build Community in Retirement Through Giving BackHow to Build Community in Retirement Through Giving Back
  • 4Why Engaged Living is Key to Senior WellnessWhy Engaged Living is Key to Senior Wellness
  • 55 Ways to Stretch Your Dollar When Buying a Home in the DMV5 Ways to Stretch Your Dollar When Buying a Home in the DMV