How much money does it take to buy a home?
You may be surprised at how many people do NOT know their down payment options and believe they need to put 20% or more as a down payment for the purchase of a home. That down payment amount is only the benchmark for a conventional home loan that would NOT require mortgage insurance.
Zero Down Payment Loan Programs. (NO money down)
There are two programs that have no down payment requirement at all. Yes you are reading this correctly, 0 down.
VA home loans. First thanks to the Veteran and their families for their service and commitment to our country. We truly appreciate it at The Scott Miller Team at Nations Lending. VA home loans do NOT require a down payment. In fact, there are certain fees that that the VA does NOT allow the lender to charge. We waive those charges, some lenders pass those fees to the seller which makes the offer more difficult to get accepted. We simply drop the fees as we want the Veteran to have the best chance buying their house. Another way to use the VA home loan benefits is the spouse of a deceased Veteran. Many people do not realize that these home buying benefits are available to the spouse if the Veteran has passed. This is an excellent way for a person to buy a home with 0 down! Call The Scott Miller Team at Nations Lending
at 612-751-7268 for details.
USDA Rural Development Loan
This is another loan that does NOT require a down payment. However, there are specific areas that this loan is available and there are income limits on this loan. We use the USDA website to verify the address of the home and then the income is determined by the number of people in the household. The areas where this loan is available is not a direct city or line that we can simply tell you the areas. For example, there are parts of Monticello that are eligible and parts that are not. The people with the USDA are continually updating the website so the best thing to do is to call The Scott Miller Team at Nations Lending
to see if you qualify for this loan at 612-751-7268. This loan actually allows the buyer to finance up to 2% of the closing costs into the loan which can greatly reduce the amount of money needed for the loan. The USDA loan has no down payment required and you can finance some or all of your closing costs. Actually an excellent way for a buyer to finance a home looking in the rural areas.
Minnesota Housing and Finance Agency
The Scott Miller Team at Nations Lending
is an award winning lender each quarter with Minnesota Housing (MHFA) This loan used to be referred to as the first time home buyers loan. However, you do NOT need to be a first time home buyer to use this financing. This is an income based loan (meaning there are income limits based on the number of people in the home) and it has down payment assistance. There are two ways to receive the down payment assistance, determined by household income. There is the assistance with no monthly payment and no interest accrued until you sell the home or the first mortgage is paid off. The other type of assistance has a small monthly payment for 10 years. The only cash requirement for the buyer is that the buyer must demonstrate they have at least $1000 into the transaction. This $1000 has to be the borrowers own funds. It cannot come as a gift from a relative or be part of the down payment assistance.
As you can see, there are many ways to purchase a home with minimal investment from the buyer. The key to knowing which program is available to you and which program meets your family’s financial needs is to call The Scott Miller Team at Nations Lending
at 612-751-7268 and meet with us to see how easy it is for you to purchase a home and not spend all your savings!
SCOTT MILLER - Branch Manager | NMLS #90280
CALL US: (612) 751-7268
STOP IN: 201 Jackson St. Suite 204, Anoka, MN 55303
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