LOOKING FOR LOW OR NO DOWNPAYMENT OPTIONS?
Below are some options that may fit your needs.
Low and No Downpayment
Low and No Down-Payment Financing Options
Don’t let additional cash savings stand between you and purchasing a home. Remember, in the time it takes you to save up extra money, rates and home prices may rise and today’s affordability may slip away.
Instead of waiting years to save up for a more significant down-payment, contact us to see what low and no down-payment options are available. You may be pleasantly surprised!
Below are some options that may fit your needs.
Vermont Housing Finance Agency (VHFA) with Rural Development guarantee: 100% Financing
Rural Development offers a 100% financing option. This is government backed program that helps borrowers become homeowners without significant cash in the bank. Rural Development allows the seller to pay the borrower’s closing costs (this can mean little or no money out of pocket) and has a more flexible credit requirement than traditional mortgage products. However, Rural Development loans do have significant location and qualifying restrictions.
FHA Financing
FHA Financing allows you to finance a home with as little as 3.5% down. This low down-payment program can even be used to purchase a duplex, triplex or 4 unit, owner occupied property! Although the costs of this program have increased over the last few years, this can still be a great program to help you purchase your first home and even provide you with rental income with a minimal down-payment.
VHFA & Conventional Financing
VHFA and Conventional Financing programs allow for a down payment as small as 3%. Also, in most cases, the 3% down may come from a family member.
VHFA is a great Vermont specific program that allows first time homebuyers (within the last three years) reduced monthly mortgage insurance premiums, reduced closing costs and access to a $5000 ‘buyer assist’ loan with no payments and a 0% interest rate. This loan does not have to be paid back until the borrower sells or refinances. The $5000 assist loan can be used towards the closing costs or the down payment.
VHFA also recently expanded offerings to include a program VHFA Advantage that will allow more borrowers to access benefits of a VHFA loan via expanded income eligibility, no purchase price limits and no first time homebuyer requirements!
VA Financing: 100% Financing for Qualified Borrowers
VA (Veteran’s Administration) financing allows veterans to purchase a home with no down-payment. You must have a VA Certificate to qualify.
Call or email us today. We look forward to helping you determine which financing program is best for you!
All loans are subject to credit and property approval. Other restrictions and limitations may apply.
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