<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1646506622281846&amp;ev=PageView&amp;noscript=1">

The AmeriFirst Home Buyer Learning Center

No Down Payment Mortgage Loans for First Time Buyers

Posted by AmeriFirst Home Mortgage on Tue, Jul 11, 2017

Two of the most popular mortgage loans for first time buyers are the USDA Rural Development loan and the VA Home Loan. The main reason these two loans are so popular is because either one allows you to purchase a home with very little or no money down (also known as a Zero Down or No Down Home Loan). Zero down home loans are most common among first time home buyers since they are typically young married couples or single professionals who are just starting out, and haven't yet saved enough financial resources to fund a down payment.

Download our Concise Guide for the First Time Home Buyer.

AmeriFirstNDP.jpg


Here is a quick overview of the first time home buyer loans with zero down:

USDA Rural Development Loan

The USDA Rural Development Loan is offered through the US Department of Agriculture. With this loan you can borrow up to 100% of the appraised value of the home, and in some instances, up to an additional 2% more that can be used for small repairs or improvements. One of main requirements of the USDA loan is that the subject property must fall within a specific rural geographical location that is outside a city/metropolitan area.

To find out if a particular property falls within the USDA required area, GO HERE.

VA Home Loan

The VA Home Loan (Veterans) is another popular Zero Down Payment Mortgage offered by the Department of Veterans Affairs. Signed into law back in 1944 by then President Franklin D. Roosevelt, the Servicemen's Readjustment Act (GI Bill of Rights) offered veterans a federally guaranteed home loan with zero money down. There are some very specific eligibility requirements in order to qualify for a VA home loan. To see if you might qualify for this loan, GO HERE.

Even though both of these loan products are first time home buyer loans with zero down, there are still some out-of-pocket expenses when buying a home, i.e. earnest money, and home inspection. Make sure you have enough money saved up to cover these Buyer costs.

Learn all about the first home buying process with our "Get Mortgage Ready Kit." The free eBook has a ton of information including a glossary of mortgage terms to help you be a more powerful and educated buyer.

Download Your

 

(cash picture derived from: Flickr user Andrew Magill)

Topics: USDA Rural Development, first time home buyer, +, VA Mortgage Loans

Posts by Topic

See more topics
__________________________________________________________________________________________________________________________________________________________________
Down payment and terms shown are for informational purposes only and are not intended as an advertisement or commitment to lend.  Please contact us for an exact quote and for more information on fees and terms.  Not all borrowers will qualify.
 
AmeriFirst Home Mortgage is a division of AmeriFirst Financial Corporation. 950 Trade Centre Way Suite 400 Kalamazoo, MI 269.324.4240 Equal housing lender
 

Daily Articles Emailed

Download your Yearly Home Maintenance Checklist!

Taking care of a home takes work and organization. While we can't do the work for you, hopefully this checklist helps you stay organized. Download your printable version below!

Yearly-Home-Maintenance-Checklist_snippet

Download the Home Maintenance Checklist