Can You Get A Home With No Down Payment?

By Kimberly Shane
SMCCYGAHWNDP1The question, “can I get a home with no down payment?” is likely in the top 10 most asked questions but the myth that you need a lot of money saved up to buy a house still plagues many who are looking to purchase a home. So today we are setting the record straight. There are a few mortgage options that do not require a down payment, but you do have to meet the qualifications. On the other hand, there are options available to help you cover the down payment requirement and you may be surprised by how little is required for some of these mortgage options.
Stockton Mortgage offers a few different loans that allow for 100% financing, or that have no down payment requirement. The first is the VA loan. This is offered through the US Department of Veteran Affairs and is available to all honorably discharged veteran, those currently serving on active duty or who have completed a total of six years of service in the National Guard or selected reserves. Certain surviving spouses of veterans may also be eligible. The second is the RHS/USDA loan. This loan is offered through the US Department of Agriculture / Rural Housing Services. It is available to borrowers purchasing a home in one of the designated rural areas who meet the income restrictions. Lastly, Stockton offers a Doctor’s Loan. This loan is designed to finance the primary residence (or personal home) of certified medical professionals, meeting the minimum certification requirement.
As was mentioned at the outset, you may be surprised by how many mortgage options offer a down payment requirement of 3.5-5%. While these percentages may ease the pain of coming up with 20% down on a home, it is still a significant amount of money. The good news many states have programs available to encourage their residents to move into home ownership by offering down payment assistance programs (DAP) ranging from educational courses to grant money dedicated to assisting qualified home buyers. Some states even offer grant money from time to time that their residents can use toward their down payment and closing costs.
Our hope, at Stockton Mortgage Corporation, is that we can lessen your concerns about homebuying and act as your guide through the process. We know what a big step this is for you, your family, and your future; that’s why we say, “find your home, and we’ll take care of the rest!” If you would like to learn more about the home buying journey check out our page dedicated to just that, it even includes a video!
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