With all the news and hype about the housing market and loan industry its no wonder it seems like loans are impossible but it’s simply not true. Below is some information that should get you heading in the right direction.
I spoke to Ron Monroe, one of my loan partners last week and he said “Regardless of what the media says there is money to lend. We still have a 100% financing options for qualified buyers in VA and rural development loans. Only 3.5% down payment required on FHA loans and that can all be a gift from a relative. In fact I just approved a buyer with a FHA loan who had a 580 credit score and they only need 3.5% of the purchase price, not 10, 20 or 30%”.
If you are looking at a VA or rural development type loan keep this in mind.
3.5% of the purchase price IS ALL THAT’S REQUIRED DOWN on FHA loans and then the seller can pay up to 6% in closing costs etc if the offer is structured that way. Just that the buyer must contribute 3.5% (can be gifted). FHA will also allow a parent to co sign on a home purchase.
While underwriting standards have tightened it is still fairly easy to purchase a home. In some instances if you didn’t make enough money before to qualify to purchase a home it is actually easier now then before. With the selection of homes and low interest rates there has never been a better time to purchase a house. If you have a credit score of 580 or above a 2 year job history and make less then $70,700 in household income you can still qualify to purchase a house with 0 down.
There is also Government programs where you can get down payment assistance or FHA still has plenty of money but you will now need to come up with 3.5% down compared to 3% in previous years.
While there are other options this is just an example of what you can find. All loans in the end will depend on purchase price, income, debt ratio, credit score and more you can feel confident there are many options to explore to find what fits you best.
As you can see there are many options, if you’re looking to buy or want to see if you can get approved no money down just contact me here or call anytime at (612) 282-7653 – thanks for stopping by our blog!
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