Did you know you might qualify for a No-Money Down home buying option?
Yes! That’s actually a thing.
A lot of people think they need 20% of the purchase price saved up before they will consider buying a home. To be honest, that’s a wise avenue to take, but it’s not the only way.
In this quick post I will cover a few programs you might want to check out if you’ve been thinking about buying a home:
- Certain borrowers may qualify for a grant or down-payment assistance through the Lafayette Public Trust Financing Authority
- Other borrowers may want to live in a rural area, in which case, a Rural Development loan may be the ticket (your lender can go over the details regarding this loan type)
- Lastly, those who have served our country may be eligible to obtain a VA loan which has a zero down option. Click here to find out if you’re eligible.
Even if you don’t qualify for any of the above options, there are other loan types that might be worth looking in to. You might be able to purchase a house with as little as 3.5% down. Your lender can go over which loan products are available and help you determine the best route to take when purchasing your new home. If you haven’t gotten pre-approved yet, check out this post for all the details.