Alternative Home Financing
Looking for alternative home financing? Perhaps you have bad credit or no credit as a first time home buyer. Or maybe you want a zero down home financing option.
Research is the key. There are some scams out there so be VERY careful.
Considering the current economy, many lenders require a minimum of 3-5% down and this is applicable to borrowers with GOOD credit. Therefore you can see, mortgage companies requiring 20% or more down for those with a low credit rating.
The days of zero down mortgages are gone. Or at least I have not been able to find such a loan in my searching over the last 2 years. Perhaps again in the future, these types of loans will reappear.
If you are buying a home in a rural area, the USDA offers low down payment programs. HUD also is running a $100 down program on their FHA approved homes.
Down Payment Assistance Programs
In the recent past, there were some down payment grants available. Due to some government laws passed, most of these programs were discontinued. Contact your local county tax office to find out if there are any local programs in your area. Most of these programs only apply to lower income recipients.
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