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Believe It Or Not, There Are Still Ways To Buy A House With No Money Down

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Housing prices show no price of dropping, and overall, US wages have remained stagnant for years, if not decades. But according to Business Insider, there are still a few ways one can purchase a home without having to come up with a downpayment--if you're prepared to put in the work. Active and former members of the military can get a Veterans Affairs loan of up to $484,350 in 2019, often with a lower interest rate than a conventional mortgage. This loan requires no down payment and no mortgage insurance--but comes with strict guidelines. The buyer must also pay a 'funding fee,' too. USDA loans help people in rural areas buy homes with zero money down, provided you have a 'low-to-moderate' income and can pay a 1% funding fee. An FHA loan asks for a 3.5% downpayment. However, it requires a credit score of 580 or higher and a debt-to-income ratio below 43%.

Added on the 29/10/2020 16:14:27 - Copyright : Wochit

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