Zero down home loans are suitable for you that want to buy a home with loan but need low down payment or even without down payment. Actually there are several insurances with small down payment from Federal Housing Administration and several private insurers for mortgage. And in nowadays it seems possible to get mortgage that does not require any down payment at all.
In this article we are going to show you about several options for you if you intend to seek home mortgage with low or even zero down payment.
Zero down payment: Veterans Affairs loan
If you are one of qualified veterans, then you can try to submit the loan application to the Department of Veterans Affairs. The department guarantees the borrowers that lend for mortgage with zero down home loans. Other than the qualified veterans, this loan option is also available for those who are the member of active-duty service and also members of National Guard and Reserves at the certain levels. The lenders are basically coming from private party. It also does not require mortgage insurance. But the borrower should pay the funding fee that will be rolled into the amount of the loan.
Zero down payment: Navy Federal
Navy Federal Credit Union offers up to 100 percent for financing addressed to the qualified members that buy the primary house. The organization is the largest in both membership and assets that nation has. But the eligibility of Navy Federal is restricted for only the military members, certain civilian employees that work at military, and also the US Department of Defense as well as the family members.
The program of Navy Federal is as same as the VA loans. The only difference is the cost. Funding fee for this loan is 1.75 percent and it is less than the VA’s.
Zero down payment: USDA
Department of Agriculture or we called it as USDA has a mortgage program that is so popular. It is also well known as the program that running out of the money before the fiscal year is getting ended. Some people find this news as the surprising one. And if you like to know about the maps of loan, you can check on the official website of USDA. This program is limited to the geographical area, the household income, and it is also supposed to help the first-time homebuyers. Other than that, there are still several exceptions for the zero down home loans.