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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 (Veterans) Home Loan. The main reason these two loans are so popular is because both loans allow 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 homebuyers 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.

At AmeriFirst, we specialize in both USDA Rural Development and VA Home Loans.

Download our Concise Guide for the First Time Home Buyer.


Here is a quick overview of the first-time homebuyer loans with zero down:

USDA Rural Development Loan

The USDA Rural Development Loan is offered through the U.S. 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 the main requirements of the USDA loan is that the subject property must fall within a specific geographical location that is outside a city/metropolitan area.

To find out if a particular property falls within the USDA required area, visit the U.S. Department of Agriculture website.

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 so be sure you visit the U.S. Department of Veteran Affairs website for more details. You can also reach out to one of our friendly loan officers at a branch close to you.  

Even though both of these loan products are first-time homebuyer 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 "Get Mortgage Ready Guide"

 

(cash picture derived from: Flickr user Andrew Magill)

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

New Michigan Legislation to Help Disabled Veterans with a VA Loan

Posted by Dan Moyle on Mon, Dec 16, 2013

Buying a home can be a long process. It can be especially taxing on someone with a disability, like a disabled military veteran. Military veterans sacrifice so much when they serve our country. When a veteran ends up with a disability from their service,

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Topics: AmeriFirst Newsroom, mortgage loan options, VA Mortgage Loans

What is a VA Mortgage Loan and How Do Veterans Take Advantage?

Posted by Dan Moyle on Mon, Nov 11, 2013

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Topics: homeowner information, seasonal, VA Mortgage Loans

The Dream is not Dead for a No Down Payment First Time Home Buyer

Posted by Dan Moyle on Mon, Aug 13, 2012

If you're a no down payment first time home buyer, you may think all hope is lost. That's actually not the case. In fact, any home buyer has the chance to possibly buy a home with 100% financing. Zero down mortgages do exist, and some of them actually perform quite well with few foreclosures. In other words, a low (or no) down payment doesn't automatically mean it's a scam or a bad mortgage loan.

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

Do First Time Home Buyer Loans with Zero Down Exist?

Posted by Dan Moyle on Wed, May 9, 2012

Can first time home buyers find mortgages without down payments? The answer is YES! There are loans available for first time home buyer loans with zero down. You may be able to get a mortgage for the price you are paying now in rent. The two types of loans that fit this description are USDA rural development loans and VA loans.

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

VA Loan: A Great First Home Mortgage

Posted by Dan Moyle on Fri, Feb 17, 2012

I received an interesting article in my email this morning about the latest foreclosure settlement and who's getting help. HSH.com published the article "Foreclosed Vets get big settlement" this week. Here's how the article begins:

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Topics: first time home buyer, VA Mortgage Loans

6 Options for First Time Home Buyer Loans

Posted by Dan Moyle on Wed, Feb 8, 2012

First time home buyers have quite a few options when it comes to financing that first house. From no-down payment loans to fixer-upper projects, the needs of a first time buyer vary widely across the board. Depending on your needs and wants, you might have several options from which you can choose. Take a look at 6 options for first time home buyer loans and see what might work best for you.

Download the Essential Guide to Buying Your First Home here.
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Topics: first time home owner, home improvement loans, USDA Rural Development, first time home buyer, FHA 203k, HomePath Mortgage, VA Mortgage Loans

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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
 

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