Mastering the Art of Home Buying with No Money Down

Hello Hampton Roads,

If you're a home buyer in today's real estate market, affordability is top of mind. You may be wondering is it really possible to buy a home with no money down? The answer is a resounding YES but with the understanding that no money down doesn't mean no money out of pocket! So grab a cup of coffee, get comfortable and let's dive into what it all means.

No money down is referring to the down payment or rather the lack of one. Traditionally the down payment was a huge barrier to home ownership as it required buyers to come up with a substantial cash up front but many no down payment loan options exists.  No money down refers to a loan with 100% financing of the purchase price. 

Mastering the Art of Home Buying with No Money Down

Low Down Payment Loan Options Unveiled

Zero Down Hero: VA Loans
Calling all veterans and active-duty service members! VA loans are your golden ticket to homeownership without a down payment. In addition to being no money down, VA loans tend to have some of the most attractive rates

Country Living, Zero Down: USDA Loans
Escape the city hustle with USDA loans, designed for rural dreamers like you. Embrace the charm of rural living without sweating over a down payment.  To find out if the home you want to buy is eligible for USDA financing, visit this link and type in the propety address: 

FHA Magic: Low Down or Zero Down Options
If you're eyeing a home but the down payment seems daunting, a regular FHA loan is your knight in shining armor requiring just 3.5%; and. through Virginia Housing, a down payment assistance grant can be used to cover the down payement or another product offers a loan for the down payment as well.

Local Love: State and Area Assistance Programs
Don't forget to explore what your local community has to offer! Many areas have fantastic programs ready to assist with down payment for first time and repeat buyers alike. There are also programs offering assistance to community partners like educators, police, fire fighters, medical workers and first responders.  Many times these programs can be combined with assistance programs and grants to offer even greater subsidies.  But hurry as some of these programs work on a first come first served basis and are available until funding runs.

No Money Down Does Not Mean No Money Out of Pocket

100% financing options are a great help towards making home ownership more accessible; however, buying a home requires more than just having the money for the down payment. There'sa little thing called closing costs which come into play. Closing costs are everything outside of the purchase price, like attorney fees, taxes, recordation, title insurance, etc.  Depending on the market, somtimes sellers are willing to pay some of the buyers' closing costs but this isn't always the case particularly in a strong sellers' market.  Closing costs represents the amount the buyer needs to pay at closing or settlement. 

There are ways to help lower closing costs you will need such as getting closing costs assistance through special assistance programs, getting a lender credit or even a grant for eligible buyers.

Your Path to Home Ownership Starts here – Take the Leap:

Now you know about the possibilities, it's time to kickstart your journey with free home buyer consultation to discuss your best options!  You can schedule a quick phone call here:

Thanks for Reading,


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