Home loan programs which you do not need a down payment
Many people around the world have dreams of owning their houses in order to do away with rent. However, these dreams are quashed by the large sum of finances that buying a house demands especially in Texas. Nevertheless, this should never be your problem because there are very many loan options which you can opt to take, in case you are serious with buying your house. However, you need to choose a good Mortgage companies in houston to get the mortgage loan, failure to which you will drawing a line on the sand. This article therefore will outline the home loan programs that do not need any down payment, from which you can choose from. They include.
USDA loan
In case you do not have enough funds to buy your own home, paying a large down payment to secure a home loan can be a hard nut to crack. However, all is not lost as there are some home loans which do not require you to pay the down payment. A good example is the USDA loan, which is funded by the department of agriculture in the United States of America. Besides not requiring you to pay a down payment, its mortgage insurance premiums are much lower as compared to their loans, as the loan is tailored towards helping low to moderate income families to own their own homes. USDA loan is one such kind of loan that is not only very cost effective but also efficient.
VA loan
In case you are a war veteran in the United States and you have been trying to get a home loan program, then VA loan is the ideal path for you. The good thing with the VA loan is that, you do not need to pay any down payment or any type of payment, as it offers 100 percent financing. They are therefore one of the cheapest home loans that you will ever find. All you need to pay for the VA loan is the VA funding fee which is 2.15 percent of the amount of loan that you want lended to you.
FHA loan
Although FHA loan requires you to pay a down payment, their down payment is way lower than the other home loans. This is because the Fha loan limits texas are backed by the government. In FHA loan, the down payment that you pay is determined by the credit score that you have. The higher the credit score, the lesser you will pay the down payment. For instance, whenever you have a credit score of 580 and above, all you need to pay as down payment is 3.5 percent of the total amount of money you want to be lended. In case your credit score is lower than that, then you will have to pay 10 percent.
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