3.5 Ways to buy a home for little or no money down

21 10 2011

Does your rental house feel like the one in the picture?

Rickety, drafty homes that cost a fortune to heat in the winter and never cool down in the summer?  No privacy?  No security from the shady neighbors?  Worn, smelly, stained carpets?   And your landlord…don’t even get me started.

In the words of Dylan, “It ain’t a way to live, sister.”

Most renters are stuck here until they can save the money for the down payment.  Fortunately, I have 3.5 solutions to help you get into your first home so you can ENJOY living in your house.

1. VA Loan- if you are an active duty servicemember or the spouse of a deceased servicemember, you may qualify for a VA loan.  No down payment is required, and you pay no monthly mortgage insurance.  This helps you buy a better home and get a lower payment.  Thanks Uncle Sam!

2. USDA Loan- 90% of Oklahoma is considered rural, and if you plan to buy outside of OKC limits, you could buy a home for no money down and pay no monthly mortgage insurance.  Your taxes and the sales price of the home will probably be lower, too.

3. Section 184 Loan- If you are a member of an Indian nation, you may be eligible for a Section 184 loan.  You could buy a home anywhere in OK, pay no mortgage insurance, and pay a small down payment.  Plus, many tribes have down payment assistance to help you get into your new home.

3.5 FHA Loan- If none of the above apply to you, you can always buy a home with an FHA loan.  FHA requires a down payment of 3.5% of the sales price, but this can be a gift from a family member.  If your family can’t help you out, contact me– I have 18 other ways to get the money for the down payment that FHA allows.  We’ll go through all the options that could help you.

Wilhelm Koenig

405.249.5993

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