Can You Purchase a Home With No Money Down?

Today I’d like to share three ways to get into a home for zero money down.

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A common misconception in real estate is that when you’re buying a home you will always need to put 20% down. 

However, this simply isn’t the case. In fact, there are many options out there that will allow you to buy a home with zero money down. Today, I’m going to share three ways to do this.

The first way is the USDA program. If you are looking for a property and are doing so in a designated rural area, you can buy that property for zero money down. The property doesn’t need to be a ranch or farm. In fact, many properties on the outskirts of the Phoenix Valley qualify. 

Next, if you are a veteran, you can buy a property with zero money out of pocket using the VA loan. If this is something you qualify for, I would be more than happy to help you discuss the details. 
You could literally be buying a house for less than it would take to rent.
The final option is one that many people may not have already heard of. Down Payment Assistance, or DPA, programs are designed to ensure that buyers don’t need to put anything down. Currently, bond programs falling under this category in Maricopa County will gift you the money for your down payment. 

To qualify for this your FICO score must be above 620, and if you’re married you or your spouse must make under $88,000 a year. This is a great option not a lot of people know about. Though it has been ongoing for quite some time already, we never know when the federal government may decide to end it. 

I’ve personally worked with many people using this last option. In these cases, we negotiate the closing cost of the loan to be paid for by the seller. This means that at closing, you are putting nothing down. You could literally be buying a house for less than it would take to rent. 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.