Zero Down Home Loans Are Not a Myth! How To Get a Zero Down Home Loan

Home loans knoxville tn

Looking for low interest home loans? Wondering if zero down home loans are too good to be true? Well, if you are a United States citizen, you may be in luck. Although you should always read the fine print and research the terms thoroughly, there are limited opportunities to secure zero down home loans and low interest home loans. If you’re looking to buy your first home in 2016, then it’s time to start looking into the following programs.

Although they aren’t open to everyone, these types of mortgages are some of the most popular in the nation.

The USDA, No Down Payment Mortgage

The U.S. Department of Agriculture’s Rural Development program is so popular that it often runs out of funds before the fiscal year ends. That means you can’t wait too long to apply (especially because the government isn’t known for moving quickly!).

You can check the USDA website to see which geographic areas are eligible. The program was designed to help first-time rural households in a certain income range, so there are restrictions on who is eligible. In general, the program is meant for first-time home buyers.

VA Loans

The United States has been known to drop the ball when it comes to honoring the men and women of our armed forces, but the Veterans Administration home loans are one of the best low rate mortgages in the country. Qualified veterans can receive no down payment home loans with no mortgage insurance. In some cases, veterans can even receive zero interest home loans! However, qualified borrowers will still have to pay a funding fee when applying for the loan.

FHA Loans

This isn’t a zero down payment home loan, but it does offer affordable mortgages to Americans with bad credit scores. The Federal Housing Authority offers qualified Americans with low credit scores access to home loans they wouldn’t otherwise receive. FHA home loans usually come with a minimum down payment of 3.5% and annual premiums, but for those who qualify, FHA loans can be a great low interest mortgage rate.

Don’t qualify for any of these types of home loans? Contact home mortgage lenders in your area for information on other programs that are available to you!

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