Can you buy a home with no money down in 2014? The simple answer is, yes. However there are caveats.
See our Home Purchase page here for an overview of the various government home purchase programs. The two main ways to buy a home with no money down in 2014 are:
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1) Utilize the VA mortgage program
2) Go with the USDA rural housing program
In order to get a VA loan you have to be a military veteran with VA eligibility. The rural housing program is available to anyone, but you have to be willing to by a home that somewhat removed from the city. (See here for the USDA’s map of eligible areas).
Most everyone else will need to have a down payment of at leat 3.5% of the purchase price to qualify for an FHA loan and 5% for a conventional loan. The FHA allows that 3.5% to be a gift from family or friends but with conventional loan the 5% needs to be your own savings.
So while there are some good no money down programs available, those programs aren’t for everyone. In many cases at least a small down payment will still be necessary.
If you are interested in buying a home contact us in the form on this page today to learn more or to get help pre-qualifying.