I currently work as a software developer making 48k (first job out of college) and I got a new job making 60k but I don’t start for another week or so. My wife and I want to buy a house in 6 months and currently have 1,000 for a down payment, but I was wondering if there are any ways out there to get into a house with $0 down.
VA loans are an option for veterans and active duty service members, and they do not require a down payment or mortgage insurance. The downside, though, is that not paying a down payment puts the homeowner in a position where they have zero equity until their property appreciates.
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Lenders typically require a down payment as a safety deposit. It’s a tidy sum that a lender can hold onto in case a buyer goes into default. But on VA loans, the federal guaranty takes the place of the down payment. Since a portion of the loan is backed by the government, there’s no need for an additional down payment.
'Zero down payment' grant program for homebuyers expands to First Interstate Bank. I never really thought that I'd get a house in Missoula.”.
There are many owner-occupied loans available, with down payments ranging from 0 to 5 percent down. You can put as much money down as you want if you want to put 20 percent down or even 50 percent down. USDA and VA have great no-money-down programs and little to no mortgage insurance, which will save an investor a lot of money each month.
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If you’re like most home buyers, a down payment is the biggest obstacle between you and homeownership. Finding a lender with zero- or low-down-payment loans could be the difference between buying.
The FHA requires a minimum 3.5 percent down payment. However, since the entire amount can be a financial gift from a relative or nonprofit organization, it technically qualifies as a zero-down loan.