November 2nd, 2013 11:56 AM by Nathan Rufty
There are several home loan programs that can assist you to purchase a home with no money or very little for your down payment. Lets touch on the programs that can assist with a home purchase like the VA, USDA-RD, Good Neighbor Next Door and Down Payment Assistance home loans. I offer the programs below to assist with your purchase needs, programs can vary from lender to lender. I am a California direct home loan lender and offer state specific down payment assistance home loan programs, where larger lending institutions do not.
The VA home loan program is available for active and retired military. You are able to utilizing your VA benefit to purchase a home at 100% financing with no money down. You will have a small VA funding fee that the Veteran’s Affair charges to you on the loan, it is waived if you are disabled by the VA at 20% or more. At the moment this home loan program is the best performing loan on the market in terms of the lowest default rate.
The USDA-RD home loan program is another great no money down 100% financing program. The program is available in a particular area of the county in which you are looking to purchase in. The approved areas are easily found on the USDA website and if you are looking in a rural area of a county to purchase your very first home this is the home loan program for you. I can assist you on how to navigate on the USDA website to find the approved areas and discuss the qualifications to obtain thus type of financing.
The “Good Neighbor Next Door” home loan program is available for Law Enforcement Officer, Teachers (pre-k to 12th grade) and Fire Fighters. Homes listed with HUD as a REO that are designated as a GNND home means the professions listed above can purchase a home with only $100 down, that right only $100. Also, the another benefit is the home is purchased at 50% of the list prices, home listed for $200,000 is bough at $100,000. If you are working as one of these professional and are need of a home, lets see how we can find and place you in one of these available properties.
Another option is for a Down Payment Assistance Home Loan Program to help with the required funds to close escrow. There are many upon many down payment assistance programs in California. These programs bridge the gap from the funds you have to the funds required as the down payment and/or closing cost. You are able to combine multiple programs to purchase a home with FHA, USDA, VA and Conventional financing. There will be guidelines to meet to obtain assistance through the these various assistance. I explore all programs that is available to take advantage to help someone purchase a home, lets explore these program together.
Before you look to purchase home, we need to speak about what kind of financing options are beneficial to your budget and goals. Contact me directly at 909-503-5600 and lets get started towards homeownership.
by Nathan Rufty