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USDA home loans are one of the only loans in the country that does not put a homeowner through the hardship of requiring a down payment. This loan option is a no Down Payment Home Loan for first-time home buyers and current homeowners.
USDA and VA loans require zero down payment. FHA and Conventional loans need just 3.5% or less down, but 100% of the down payment can be a gift. This would make it possible to buy a house with no money down.
The second option for a no down payment loan is a USDA loan. The United States Department of Agriculture offers a variety of these loans with low interest rates. Most of the loans are designed to help low- or moderate-income people with decent credit buy a home in a rural area.
The last thing most people consider when they hear USDA is a no down payment home loan option. I personally think of steak – USDA Prime, USDA Choice, etc. No down payment is required for USDA loans. There is an up-front fee equal to 1% of the loan amount, and mortgage insurance totals 0.35% of the loan balance annually.
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· While many banks and credit unions require a 20% down payment or more on their construction loans, when working with USDA and VA new construction programs there is NO Down Payment required.
Purchasing a home may actually be more affordable than renting and financing is available with no down payment in rural communities through USDA Rural Development housing programs. Eligibility is based on income, acceptable credit, repayment ability and a property located in rural areas.
To determine if a property is located in an eligible rural area, click on one of the USDA Loan program links above and then select the Property Eligibility Program link. When you select a Rural Development program, you will be directed to the appropriate property eligibility screen for the Rural Development loan program you selected.
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While VA loans are originated by private lenders, the VA guarantees them and no down payment is required. AVA loan can only be used for a primary residence, although it may be a multi-unit structure with up to four units. In addition, the veteran has to live in the home.. USDA Loans. Like VA.