No Money Down Home Purchase Part 1
Here’s how to purchase your next home with no money down. If your are looking to purchase a home and you are worried about not having the down payment; then, don’t worry as it can happen even at this time,when the stock market is in chaos,real estate still remains a solid investment. Many shy away from this market because they can’t afford the down payment. This is why I’m writing this piece to inform prospective home buyers that they can buy their next home with no down payment.
Purchase a home that not completely built
You can purchase a home that is not built completely; once you have money to finish the upstairs,roof,or electrical features since these are usually the areas that qualifies a house as partially built. This opportunity is available to active and non-active persons who serve the military. They include Veterans,POW’s,and MIA’s and their unmarried widows. Matter of fact,all branches of the Military qualify.
$10,000 Down Payment Gift Program
Another Opportunity for many potential home buyers to purchase a home with no money down is by taking advantage of the no money down,gift payment program. Gift down payment programs of up to $10,000 or 5% of the purchase price,whichever is lower are never repaid. They are a truly gifts.
These programs are open to all home buyers. There are no income limits and the home purchasers do not have to be a first-time home buyers. Homes that are eligible can be located anywhere in the United States. It can be used on any owner-occupied, primary residence including homes,condominiums,town homes and manufactured homes. Although it cannot be used for investment or rental properties, duplexes and four-plexes are eligible if the purchaser will reside in one of the units.
The homes need not be pre-owned to qualify for the program. Newly constructed homes are also included in the program.The gift funds can be used on any FHA or HUD loan for the down payment. Although HUD loans are based on need; FHA loans are not.FHA loan are available to most borrowers and are primarily restricted by the loan amounts. FHA loan maximum amounts vary from state-to-state but are generally higher than the median price of a home in their areas.
Each year the FHA maximum allowable loan amounts increase, so it is best to check with your lender on the current amounts available. FHA does permit down payments gifts in their loan consideration.The only restriction on the down payment gift funds is that they may not be used to pay off any kind of debt or judgment. They must be used for the down payment of a home.
Sellers of homes using the gift down payments fund the program. In exchange for finding a purchaser for their home at their full asking price, they contribute a portion of the proceeds from the home to a pool of funds that is used to provide gift down payments for others purchasers. And because all homes must meet FHA or HUD appraisal guidelines, homes are never overpriced and must meet all repair and condition requirements.
Now that you are armed with free information,you can now purchase your next home with no money down payment.
