Ways to a Condo with No Money Down
Each year, it becomes harder and harder to save up to buy a home. A lot of residences have strict down payment requirements that can just be downright unreasonable. If you’re searching for that perfect new condo, and you feel discouraged because you can’t put any money down, you’re not alone.
But there’s good news:
There actually is a way to own a condo with no money down. You can achieve your dreams without having to break your back – or your wallet – over the unnecessary down payment costs. Follow this guide to see the many no-money-down options available to you today!
Option 1: Credit Union
Don’t be scared away by its name; a credit union can offer several important and legitimate financing options for owning your first home. A credit union may be able to offer you a mortgage in the place of a down payment.
Keep in mind that you typically must have a good credit score in order to qualify for this kind of deal from your local credit union. Most unions will also require that you make less than 80% of your region’s average income.
Option 2: USDA Loan
Depending on where you live in the United States, a USDA loan may be difficult to come by. This is because these loans are typically reserved for the more rural areas of the country. Those who are impoverished or who live in an agricultural setting can qualify for USDA loans. Some people can qualify for mortgages that offer as little as 0% of a required down payment.
Again, a USDA loan is really only an option if you live in a town with a population less than 10,000. This is the same whether you are purchasing a home, or building one for yourself. You can receive financial assistance depending on the project’s location and amenities at the time of construction. If you are on a low-income status, and you are looking to invest in a new housing project, you may qualify for this kind of loan as well.
Option 3: VA Loan
Are you a veteran? Are you receiving any benefits for military service? Is your spouse a member of the U.S. military? If so, you may be able to qualify for a VA loan. These loans are available through the U.S. Department of Veterans Affairs, which promises to grant loans to qualifying servicemen and women.
One of the perks of a VA loan is that you don’t necessarily have to have a good credit score in order to qualify. Instead, VA lenders will assess the value and condition of the home in order to determine how much of a loan you may need. They can offer mortgages with no down payments. The best part is that the interest rates are extremely low as well.
You’re No-Down-Payment Options are Abundant!
These options for buying your first condo with no money down will give you more freedom and flexibility to find the home of your dreams. If you’re eager to get started, but you aren’t sure which of the listed options is the best financial path for you, then you can speak with your lender or a local banker to find out more. There is always financial assistance available, and depending on your income, job status, and residential location, you can save even more money for your wallet. Don’t give up hope; you will find the condo of your dreams!