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No money down home purchase Tucson AZ
One of the biggest barriers to homeownership in Tucson AZ is not having enough cash to put down on a house at closing. While you might think you won’t be able to buy a home if your savings account is looking a bit lean, there are some creative ways you can make it work. From specific loan programs to family gifts and more, the odds are good that you’ll find a way to make your homeownership dream a reality.

1. VA Loan Tucson AZ
Active duty service-members, veterans and their family members are eligible for a VA loan, which is backed by the Department of Veterans Affairs. This allows qualifying buyers to purchase a home with no down payment and little-to-no closing costs.

Unlike other loan programs that may require a down payment, the VA loan program doesn't have a minimum down payment requirement.

The VA Guarantee Fee replaces the requirement for mortgage insurance, so this is an all around great way to purchase a home for those who qualify.

2. Tucson AZ FHA Loan
The FHA loan is a popular option that allows buyers to put as little as 3.5% down on a new home, which can be given in the form of a financial gift from family or from a qualified non-profit or government agency. Sellers can also contribute closing costs up to 6% of the sales price of the home.

The great thing about FHA loans is there are lower down payment requirements and less restrictive qualifying criteria, making this a great option for all potential home-buyers. But just be aware that you’ll be required to pay a mortgage insurance premium with this loan program, regardless of your down payment.

3. Tucson AZ Homebuyer Assistance Program
If this is your first time buying a home, there are so many resources available to help you navigate these unfamiliar waters. Fortunately, there are also some programs available at both the local and national level that offer financial assistance to new homebuyers – and in some cases, to previous homeowners as well. It could be worth looking into local programs, state programs, Non-profits, etc.

4. Tucson AZ USDA Loan
Another option available to borrowers who qualify, with a zero down payment requirement, is the USDA loan program, otherwise known as a rural development loan. Some eligible areas are surprisingly quiet suburban – so don’t discount this loan program until you’ve checked to see if the property qualifies. It’s important to note that USDA loans do require mortgage insurance and the loan limits and income restrictions vary by area.

5. Tucson AZ Down Payment Gift
If you’re fortunate enough to have a family member gift you money, it potentially can be used for your down payment – so long as you carefully follow the requirements set forth by your lender. You’ll need to have a paper trail showing who gifted you the money, how they gave it to you and when it was given, and that no repayment is required.
Posted by Nathan Rufty on December 4th, 2019 2:04 PM



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