NMLS Unique Identifier #203980
Senior Mortgage Loan Originator
Alaska USA Mortgage Company
Mortgage License #Ak157293
500 W 36th Avenue #110
Anchorage, Alaska 99503
Phone:907-261-3426 Fax 375-5095
Cell 244-9368 Toll Free: 800-737-3033 Ext. 3426
Your family or even friends could help you with your down payment by providing a gift letter to the Lender. For VA loans, you wouldn't need to come up with down payment, since it ZERO DOWN, but there are closing costs that you need to pay. With the help of your Real Estate professional, and subject to Lender's requirement, closing costs are allowed to be negotiated and be paid by the Seller at closing.
Go get pre-qualified and talk to your Lender.
VA (Veterans Administration) loans do allow 100% financing. Next in line is FHA, with 3.5% down, and contrary to a previous answer, you may be gifted the entire 3.5%, and accept up to 6% seller concessions. It is true you need $500. in the deal of your money, however, that 500 can pay closing costs, UFMIP, or any other fee associated with your purchase.
I hope these comments help, best wishes in your new home purchase.
We offer free, no obligation analyses to see what programs you might qualify for. We also offer downpayment assistance grants through the FHLB in Atlanta nationwide.
Here is a link explaining this product: http://corp.fhlbatl.com/sc/ahp/first-time-homebuyer.html
It is a 4:1 match up to $5000. If you stay in the home 5 years or more, you do not have to pay the grant back.
American Bank, FSB is federally charted and legal in all 50 states and 7 territories. We look forward to serving you. Jim, 703 615 4675