Keep reading about the ways to buy a house with bad credit and no money down. Insider Monkey has recently published an interesting article about this topic. Home is where all the memories are made. It is our sanctuary and the place we come to every single day leaving hard work and all the work related stress behind. Our home is the thing we look forward to at the end of the day because our loved ones are there. And of course, the TV. All jokes aside, it is true when they say that there is no such place like home. Everyone who rents an apartment or a house can agree on this since living in someone else’s home is so difficult. Your freedom is limited and you need to make sure you leave everything the way you found it. As for me, I bought my new house not so long ago, so I am very happy to have my own home with a big garden, where I can keep animals.
Now without a further ado let’s see what Insider Monkey has investigated for us. We have picked two ideas from their list. VA loans are made possible thanks to the Department of Veterans Affairs and they allow veterans and their spouses to buy a house with no money down. The closing costs are limited and the average interest rate is lower than usual which makes it perfect for those who can’t afford huge down payments. Additionally, these loans don’t require mortgage insurance and this reduces monthly costs. The funding fee is between 2.15% to 3.3% depending on several factors such as what military branch did you serve in. You can find more information about VA loans on their website. There are many programs for first-time buyers offered by the government or bank that can help you buy a house even if you have no money for down payment. The requirements for these programs vary from state to state, so you must check with your lender to see if you qualify for it. Their criteria may include income limits or credit requirements, and some of the programs apply to homes in lower-income neighborhoods. One of such programs is HomePathReadyBuyer which offers new house owners 3% of the price towards closing cost assistance. Another is HomeReady Program and it involves houses in lower-income neighborhoods.
For any further interesting information read Insider Monkey’s article about 5 ways to buy a house with bad credit and no money down.