Question Details

Wanda Miles, Home Buyer in North Little Rock, AR

How can one buy a home if there is no money for a down payment?

Asked by Wanda Miles, North Little Rock, AR Mon Feb 11, 2013

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USDA Rural Development financing is a mortgage program that doesn't require a down payment. If the home appraises for more than the purchase price, you can even use that difference to finance the closing costs into the mortgage amount as well (i.e. if the sales price is $125k and it appraises for $130k, then you can finance up to $5k of the closing costs).

The catch is that the home must be in a rural area and you also must make no more than the median income (which in the Little Rock area, for a family 1-4 people, is no more than $74,750/year. In your area, towns like Gibson & Gravel Ridge would be eligible areas but Maumelle, Sherwood & Jacksonville would not - so essentially it would be on the out-squirts of town.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
0 votes Thank Flag Link Thu Feb 14, 2013
These days it is very hard to buy a house with ZERO down.
Look at my attached video for some helpful hints.
0 votes Thank Flag Link Mon Feb 11, 2013
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