Question: Are there still options for zero-down loans?
Answer: YES!
You can still obtain a mortgage with no down payment. It's not as easy as it used to be, but there are still a few programs out there. Loans that are insured by the VA are still funding with LTV's (loan-to-value ratios) of up to 100%. Also available but not as well known are USDA insured loans. These loans aren't just for farms! USDA loans can be used to fund single family homes in rural areas. Believe it or not- most of Snohomish and a bunch of King County qualifies! There are (as you can guess) a lot of restrictions of both VA and USDA loans, so if you would like to know more, email or give me a call and I can go over a scenario with you.
Some non-government-backed options are out there, but the rates are TERRIBLE and they are nearly impossible to qualify for.
The State of Washington also has a bond program called the "House Key Program" which can allow first-time home buyers who fit a certain set of criteria to purchase with no down payment. I'm not currently able to do these loans, but am working on it. It is directly contrary to my self-interest to mention these loans, as I can not fund them, but hey, you deserve the answers. :)
Posts
I love that you give all the options - not just the ones in your own self-interest Jon, that's what makes you such a cut above! Keep up the great work!! :)
ReplyDelete