Well, the data tell us something very eye-opening, and it’s that most homebuyers are paying less than 9 percent of the total amount. That’s why more and more people are looking for alternatives, to deal with this challenge. Now, we’ve made the dirty work for you; these are the best government programs that can make a difference for you. Stay close, this is important.
This financial aid is provided by the US Department of Agriculture, destined for those in rural areas, so they can buy homes with no down payment involved. Great for most folks in states like Ohio, Utah, Wisconsin, Delaware, and many others. To be eligible, you must meet their criteria, enter here to know more.
Yes, you won’t have a down payment obligation, but there’s something you should know about, something called “the funding fee”, this is a protection item in case of default, equals to the 1 percent of the whole amount, and you need to pay for it. For example, if the property is valued over $300,000, you’ll pay about $3000. Also, for these types of loans your credit score is not taken into account.
The VA Loans
Accessible only for retired and active members of the US Army, known as the Veterans Affairs loan. These can finance a purchase below $500,000, having a lower interest rate than those available on the market, requiring no mortgage insurance and no down payment. The perfect opportunity for our beloved heroes to find the place of their dreams.
The “funding fee” is present here too, but this time it is below 3 percent. Can be paid right away on the first steps of the process, or placed side by side with the overall amount requested.
Last But Not Least, The FHA Loans
Federal Housing Administration (FHA) loans are a bit complex to handle, because the requirements are more strict, when compared with the previous programs mentioned in this piece. To put in perspective, you’ll need to pay 3.5 percent of the total amount, also your debt-to-income ratio must be below 40 percent, and don’t forget to have a credit score higher than 560.
One great advantage of this program is that you will be able to purchase a home valued up to $700,000, this is not possible when using other government programs. Talking about possibilities, here at AFTHA we can help you identify the best options. According to your actual situation, our experts are ready to dive in, they have more than 50 years of combined experience, helping clients nationwide, coming from different backgrounds and trajectories.
Want to know more about the plan we have in mind for you? Call now to (833) 478-1396, or write us an email to firstname.lastname@example.org, this is your time, become the homeowner you’ve always wanted.
The AFTHA Program helps bridge the gap between the haves and have-nots. In short, our mission is to help people who are struggling to become homeowners and have no way to get ahead of their monthly expenses. We freely offer our service to the people that need it most, with the hope of strengthening our economy one family at a time.
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