What Are Federal, Low Money Down Home Loans-cancam

Finance Buying a home for the first time or after a bankruptcy, foreclosure, or short sale can be a very exciting, yet also it can be an overwhelming process. In this economy everyone is trying to save a buck and get the best deal. The good news is that if you are in the market to buy, you can buy government owned foreclosure for $100 or in some cases, even $0 down. There is one specific group of government loan that gets a lot of .motion but a lot of people don’t truly understand what it is. Those loans are the $0 money down / low money down home loans. These loans are offered to consumers with both good and bad credit for 97.5%, 99% or even 100% financing with standard, VA and PM HLC federal home loan purchase mortgages. Pay nothing now and get a house, that’s what they are telling us but is it really that simple? Well it is actually; in fact, not many people know just how easy it can be to qualify and get approved. What $0 money down home loan really means- No need to put a 10-20% down payment (as required with a conventional home loan) – it is a No Money Down program! To qualify for a VA $0 money down home loan- If you are or were on active duty in a branch of the U.S. military (Army, Marine Corps, Navy, Air Force, Coast Guard) for the required amount of time or if you were or have been a Reserve Service Member for a minimum of 6 years or more. There are a few other determining factors such as having a stable positive payment history with no derogatory marks and a stable work history. VA home loans can also offer you substantial savings on your monthly payments by not requiring private mortgage insurance and by having interest rates that are 0.5% to 1% lower than most conventional mortgages. VA Home Loans also .e with a government guarantee. Thus, a VA loan can save you a lot of money when purchasing a home using this U.S. Government Program. To qualify for a rural no money down home loan- If you are considering buying a home in a rural area, there is a really great program available. The federal Peggy Mae $0 down program allows any American to buy a home with no money down. The home must be used as your primary residence and there limitations on how much money you can earn in a year. This means that if you make more than $100,000, you will not qualify. For those that make less than $100,000 per year, this program is one of the best ways to buy a home. To qualify for a PM HLC federal $100 down home loan- FHA requires the last two years of credit history to determine your FHA loan qualification. You may buy a home or refinance an existing mortgage using an FHA home loan 36 months after the date of Chapter bankruptcy 7 discharge or 12 months into a Chapter 13 bankruptcy, but only if you have not missed any payments and have no new bad credit since the bankruptcy. There is no limit to how many times you buy or refinance a home using an FHA home loan. The only FHA loan requirement is that you cannot have more than one loan at a time. You can own more than one home (rental property) and buy another home using an FHA mortgage. FHA is one of the only types of real estate mortgage loans that currently do not require a FICO credit score to obtain a loan. The down payment for an FHA home loan will vary between $100 (if you buy a government owned foreclosure) to as much as 3.5% down. All of the above loan types do not require a FICO credit score to get approved. You can not have any late payments or other derogatory credit within the 2 years before you buy the home. Given the choices available, its easy to see why buying a home using a federal home loan is the best way to buy. About the Author: 相关的主题文章: