Texas Home Loans with Zero or Minimal Down Payment .pdf
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Texas Home Loans with Zero or Minimal Down
The amount of down payment required for a conventional home loan may vary
anywhere between 5 to 20 percent. As the amount of down payment is high,
homebuyers with insufficient funds, often have to procrastinate their
home-buying decision to a later date, despite their being eligible for a home loan.
If you too are planning to take a home loan but do not have sufficient funds to pay
for the down payment, in this post we list three Texas home loan programs, that
require zero or minimal down payment. Let’s take a look.
USDA home loans are one of the most sought after home loans in the US.
come with significant benefits allowing homebuyers to buy a property in the rural
and suburban areas. Borrowers who qualify for a USDA loan need not pay any
down payment. In addition to this, the borrowers may also have the closing costs
rolled into their loan.
Backed by the U.S. Department of Veterans Affairs, the VA loans are one of the
most popular home loans among veteran homebuyers. The VA loans not only
have interest rates that are much less than what conventional loans offer, but
they also allow borrowers to finance 100 percent of the property value. While
there is a funding fee linked to obtaining a VA home loan, even this fee can be
rolled into the original loan, thereby allowing borrowers to pay almost nothing.
Insured by the U.S. Federal Housing Administration, the FHA loans are another
low down-payment home loan option for home loan borrowers.
If you don’t
have a great credit score, you can still get an FHA loan, that too at a minimum
down payment of 3.5 percent. In addition to the down-payment amount, FHA loan
borrowers are also required to pay an upfront premium of 1.75 percent, that can
be rolled into the loan.
If you are planning to buy a home and are worried about the down payment, then
this post should have helped. If you still need more help, get in touch with a home
loan consultant who can help you weigh the pros and cons of different home loan
programs, allowing you to choose a loan that best suits your requirement.