It's True! Programs DO Exist for
Little or NO Money Down Financing
I've written in the past about dispelling rumors that persist about Down Payment Requirements needed to buy a home. Frustratingly, I continue to hear from potential Home Buyers and others that believe the rumors to be true.
Let me state the facts here: Currently home loans are available for Home Buyers that DON'T have a 20% Down Payment saved towards a home purchase.
- The longstanding FHA financing option is still available. It remains available to those Buyers with as little as a 3.5% Down Payment
- Conventional Loans are available with 3% Down Payment * with Fannie Mae's HomeReady Loan
Loan Options exist today with little or NO Money Down. They are:
- A. VA: 100% Financing for Qualified Military Veterans
- B. USDA-RD: 100% Financing for Certain Qualified Rural properties/locations
- C. FHA: $100 Down Payment for Qualified HUD-owned properties
- D. IHDA *: 100% Financing. Income Limits Apply. Funding is limited. Restrictions are also in place and apply. (* Illinois Housing Development Authority. Can be used for purchase of IL properties only.)
Note: While FHA and Conventional Loan Programs require 3.5% Down (FHA) and 3 - 5% Down (Conventional), these Down Payment Funds can be GIFTED by relatives (within certain guidelines as to the Donor's relationship to the Borrower(s).
Also: A Co-Signer on a Mortgage can contribute ALL of the required Down Payment Funds needed ... even if they don't plan on living in the financed/purchased property.
So now that we've established some facts and dispelled bad rumors:
What do you do if you're dreaming of buying a home in the Chicagoland area, but have little or no Down Payment saved?
Contact Me so we can talk. Together we'll analyze your finances and discover what options for possible home buying exist for you now ... or in the future.
I'm here to help. I'm here to help you realize your home buying dream ...
* Hoping to Buy or Refinance a home in Illinois, the Chicago area, or Wisconsin? Contact Me today! I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf.
I'm easily reached at:
Mortgage Originator - NMLS #216987 - IL Lic. #031.0006220 - WI Licensed
Gene Mundt, Mortgage Originator, an Originator with 40+ years of mortgage experience, will offer you exemplary mortgage service and advice when seeking: Conventional, FHA, VA,
Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:
The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago,
Cook County, and elsewhere within IL & WI.
Your Referrals are Greatly Appreciated