If you have been eating only Ramen noodles while you are saving money for your first home, we have good news! According to Equifax guest blogger Steve Cook there are still plenty of zero-down loans for first-time homebuyers. Cook is Executive Vice President of Reecon Advisors and covers government and industry news for the Reecon Advisory Report. His article, “Home Buying: The Low Down on No Down Payment Mortgages” covers four different ways that you might qualify for a loan on that Atlanta real estate you have been looking at. Review his full article to make your homebuying experience easier.
Here are several different loan options that you will want to look into.
The U.S. Department of Agriculture (USDA) funds loans to families who make up to 115 percent of the median annual income where they live. Best of all you don’t have to live on a farm to quality for a USDA mortgage. Hundreds of suburban areas qualify.
These loans are for veterans. However, if you served 90 days on active duty or with the Reserve or National Guard—or even if you are a surviving spouse of a serviceperson—you may qualify for a VA-guaranteed loan that will cover up to half the cost of your mortgage, depending on the amount your borrow and where you live.
Local options for no down payment loans
Most cities offer a variety of no down payment loans. In Atlanta, look for information on the BeltLine Affordable Housing Opportunity Program, Gwinnett County HOMEStretch and others.
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