Many people desire to buy a home or invest in a property. But some are discouraged by the belief that they must have a given figure in their savings account to access a mortgage. This article highlights smarter programs that can support you financially with little or no money down. Check it out.
Be a member of a credit union
Top lenders do not just offer the best mortgage rate in Utah but also no-down-payment loans to eligible candidates. Most of the people who qualify for such loans are members of credit unions. Therefore, it is prudent to check up on your membership status before you apply for a mortgage. Other qualification requirements range from one lender to the other. But the most common ones are the debt-to-income ratio and employment status.
Consider a VA mortgage program
Veteran investors and military groups qualify for VA loans. This program offers a hundred percent financing to individuals eligible for the loan. However, borrowers must first obtain a certificate that proves they are legitimate military servants or trusted veteran investors from any VA eligibility center.
Check up on USDA loans
These are also known as rural development housing loans. Some low-income earners can make monthly payments towards loans. However, they cannot afford to raise a lump-sum down payment required by most mortgage companies before anyone qualifies for a home loan. Rural housing development loans are programs that are geared to see that such investors are supported as much as possible.
However, the bottom line is not about getting a zero down payment home loan. Your main concern should be the ability not just to pay off the debt but also to cover all other homeownership costs.