How you can Buy a Home Without any Cash Down - US Government Guarantee Programs

Buying a home is the dream of most people. Making that wish an actuality though could be challenging in these uncertain economic times. Various programs are available that will help you obtain your ideal home for very little or absolutely no money down.

Veterans Administration Mortgage loan Guarantee: If you're a Armed Forces Veteran, you probably be eligible for a Veterans Administration (VA) Mortgage Guarantee. This program will allow you to buy a house with no money down payment and you will not have to pay any kind of Home loan Insurance policies. The Veterans Administration will guarantee more than 25% of the loan. In 2010 for example, the cap is at $417,000 except in cases where you're in an area deemed "high cost". Visit the VA internet site for more info.

You can obtain a Veterans Administration mortgage by using any mortgage company that takes part in the VA home loan program. At some point, you need to get a Certificate of Eligibility from VA for you to verify to the lender that you're eligible for a VA mortgage.

There are many benefits of a VA Home loan:

* Negotiable monthly interest.
* You can finance the VA funding fee.
* No mortgage insurance charges.
* Just like all Government Loans, it is an assumable mortgage.
* Zero down payment
* Purchaser informed of reasonable valuation.
* Right to pre-pay without penalty.

The VA does charge a funding fee of 1.5% to 3.3%. For anyone who is using the guarantee for the first-time together with 100% loans, then your fee will probably be 2.15%. If you're a Vet having a 10% or higher disability (as identified by the VA you then won't pay any funding fee.

USDA: The USDA features a mortgage loan guarantee program for rural housing. The house must be considered rural to be eligible and unless your home is in a major urban area, the house will likely be eligible for the guarantee. USDA home loan guarantee eligibilty chart. The USDA will guarantee as much as 100% of your mortgage loan in addition to the guarantee cost.

This program includes:

* 30 year fixed interest rates
* Large income limits
* Flexible credit rules
* It's not limited to new property buyers
* Support choices

Quite a few states have plans as well, talk to your states Housing Development Authority to determine what's available.

I have been a realtor since 1998. I have extensive experience in foreclosures and investment real estate. My concentration is chiefly on Sedona AZ real estate sales and also the adjacent areas of Cottonwood, Camp Verde and the Village of Oak Creek. Sedona Arizona is really a beautiful spot to visit however it truly is an even greater place to reside.

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