0 down Mortgages Still Alive!!

    0-down-mortgages-still-aliveThe largest hurdle that home buyers face is the increasing minimum down payment required to get a loan. FHA loans require a minimum of 3.5% while conventional loans can vary greatly from 5% to 25% running the upfront costs to tens of thousands of dollars. Add to it the costs of an inspection, loan closing costs, and furniture or newer appliances and pretty soon your house rich and cash poor.

    There actually are still some 0 down loan programs that Cross and Associates of Keller Williams helps their buyers obtain. Here are few.

    1) The Good Neighbor Next Door Program offers HUD-owned single family (one-unit) homes to eligible participants at a 50% discount. Law enforcement officers, teachers, firefighters and other emergency medical technicians who meet all other requirements of the program are all eligible to participate in this program.

    2) USDA Rural Development program. This program allows zero down and cheap mortgage insurance for properties in “farm” areas. This covers almost all of Matsu Valley with only minor exceptions.

    3) Doctors and Registered Nurse Program: This is made to a new resident, new attending (7-10 years out of residency or less), or dentist only (although some offer loans to veterinarians, optometrists, podiatrists, and even attorneys). Many lenders carry variations of this program which requires 0 down payment.

    4) VA Loans: This is the most famous and best of the bunch. Lowest credit score requirements. Highest debt to income tolerances. Assumable to any other qualified VA buyer. Maximum loan value of $625,000 and can be used to purchase more than one property.

    The important thing to know is that it is vital that you work with a great local lender and Realtor who are proactively looking to find affordable financing and great deals. If you think these programs might work for you, call Adam Heafner with First Rate Financial at 907-222-5505 or Kevin Cross of Cross and Associates at 907-865-6529.

    Don’t get sold. Get informed.

    Kevin Cross

    Cross and Associates Real Estate

    Keller Williams Realty

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    Kevin Cross

    Kevin Cross is owner of Real Estate eXchange at Keller Williams Realty Alaska Group. Kevin’s Team specializes in income properties, commercial properties, rehab, flipping and creating cash flow for clients. You reach him at admin@alaskarex.com or call 907-865-6529.

    One Response to “0 down Mortgages Still Alive!!”

    • Megan

      Written on

      Hi, Kevin Cross
      My husband and I are wanting to buy a house. We are currently paying off student loans, car loans, and each have a credit card to pay off. My credit score is horrible and his credit score is alright. We definitely need a home for our son and baby on the way.
      We have not applied to the HUD loan and the USDA Rural Development program.
      Our dream house is to live between Eagle River and Wasilla.
      A two levels (bedrooms upstairs and living room/kitchen downstairs), basement for my daycare business, a decent amount of land for our kids to run and play.
      Feel free to call me at 907-825-2188


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