Buy a Home Without a Down Payment in 2012
Posted by Guest Blogger on Tuesday, August 28th, 2012 at 12:27am.share the Houston Real Estate Blog!
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It's been a rough ride for the house market, and those who are looking to upgrade their home or buy their first home have had a rough time of it, too - often for no reason other than the intense new banking standards. Today's standards require that you have 20 percent of the home's value upfront as well as excellent credit.
While certainly good in theory, this policy gets a bit sticky in practice - especially when you stop to consider that the hardships that hit many families in 2008 may linger on a credit report for up to a decade. Fortunately there are ways to buy a home without jumping through as many hoops as traditional 15 or 30 year loans require, but most alternative methods have a few hoops of their own.
VA Loans
With the number of veterans returning to the United States, there are many families getting more established and ready to buy a home to put down roots of their own. These veterans, and those who have served in the military before them, may use their VA loan perks to buy a home without a down payment.
Families who are already living in a home purchased using a VA loan must sell that one first before they can buy another using the program, and there are few additional fees that must be paid and documents to secure, but with VA streamline rates and an experienced real estate agent, you can find a new home and be in it with almost nothing out of pocket very quickly indeed.
Mortgage Assistance Programs
Surprisingly, perhaps, there are still many ways for those with lower credit scores or without a down payment to move into a new home. There are, of course, some strings attached to how these loan applications work, and often you must be willing to buy a home in an area where a community or state is battling a high number of foreclosures or restoring a neighborhood.
There are many different programs in major cities and rural areas across the United States, but the majority of programs begin with the Federal Housing and Urban Development agency.
Speak to experienced Realtors and mortgage finance professionals in your city or town to see what may be available for you, or do your own research online - many of the available programs in Houston have online applications or information pages. You can learn more about which programs may benefit you or work with your specific area on http://www.2mrealty.com/mortgage.php
About the Author:
Rebecca Garland is working hard to populate the internet with relevant, engaging materials. She writes for many clients and enjoys a wide range of topics including home improvement and real estate. You can learn more about Rebecca and her website content services on her professional website.
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The views expressed by Guest contributors to this blog do not necessarily reflect the views of 2M Realty Advisors, LLC, it's broker, agents, employees or affiliates.
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