The TRUTH about buying a house with NO MONEY DOWN

Are you a first time home buyer looking to buy a house with no money down? Are there zero down home loans available? If I want to start the process of buying a home, where do I start? In this video, we are going to discuss your options when it comes to a no down payment mortgage as well your next best option if you don’t qualify for a 0% down payment loan in addition to down payment assistance programs and where to start the process to get approved for a home loan.

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USDA loan 2021 requirements

✅No Minimum Credit Score but 640 is easier to get approved
✅No Max Loan Amount
✅MIP (Mortgage Insurance Premium ) is required.
✅Debt-to-Income Ratio less than 41%. (Actually you can go much higher than this)
✅The home must be the borrower’s primary residence and meet eligibility area and cannot be used to purchase income producing property
✅Borrower must have steady income and proof of employment and there are household income limits.

FHA loan 2021 requirements

✅FICO® score at least 580 = 3.5% down payment.
✅FICO® score between 500 and 579 = 10% down payment.
✅MIP (Mortgage Insurance Premium ) is required.
✅Debt-to-Income Ratio less than 43%. (Actually you can go much higher than this)
✅The home must be the borrower’s primary residence.
✅Borrower must have steady income and proof of employment.

VA loan requirements 2021

✅Active Duty or Served 90 Continuous Days/Met length of service requirements which is generally 90 days in wartime and 181 days in peacetime/completed 90 days of active duty or 6 creditable years in selected reserve or national guard/surviving spouse of a veteran who died while in service or from a service related disability and have not remarried.
✅ FICO® score at least 580 (there are exceptions but they come with a cost)
✅ No Down Payment Required
✅MIP (Mortgage Insurance Premium ) is NOT required on VA Loans.
✅Debt-to-Income Ratio less than 41%. (Actually you can go much higher than this)
✅Condos have to be VA approved
✅The home must be the borrower’s primary residence.
✅Borrower must have steady income and proof of employment.

FHA Videos You May Find Helpful:

➡How to calcuate PMI on a FHA Loan – How to get rid of PMI – FHA Loan 2020 – https://youtu.be/1UDea_zyhqM
➡FHA Loan Qualifications – First Time Home Buyer – FHA Loan 2020 – https://youtu.be/1SC6WgAJ2yk
➡FHA Loan 2020 – FHA Loan Requirements – First Time Home Buyer – https://youtu.be/wp-2c_EdcrU
➡FHA Pros and Cons – First Time Home Buyer – FHA Loan 2020 – https://youtu.be/fOWjRGQmKDM
➡Buying a home using FHA – First Time Home Buyer – FHA Loan 2020 – https://youtu.be/8KCzd8GPH_w

Home Buying Videos You May Find Helpful:

➡HOW TO GET APPROVED FOR A HOME LOAN – First Time Home Buyer – https://youtu.be/K3_JTAMhhi4
➡5 Most IMPORTANT Steps to writing an offer on a house – First Time Home Buyer – https://youtu.be/Eskq9g_9sOo
➡ Buying Real Estate in a CRAZY Market – https://youtu.be/WLH0UlGmD9U
➡Step by Step Process of Buying a House in 2020 – https://youtu.be/myJ1h0ykhts
➡Do I get my deposit back if I cancel escrow? – https://youtu.be/0RMy9iNTu54
➡What Stays when buying or selling a house? – https://youtu.be/XH6c9-omN24
➡Appraisal vs Home Inspection – https://youtu.be/cwjokWbr1Go

Jeb Smith (Huntington Beach Realtor/orange county real estate)
DRE #01407449
Coldwell Banker Realty
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

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