How to Buy a House With No Down Payment

If you’re looking to buy a home, have a decent credit score, and don’t own any other properties it is a good idea to consider a USDA Loan.  This is a government backed loan that lets you buy a home without any down payment.  Let me say that again…NO DOWN PAYMENT.  

They have 2 types of loans.  One is a standard home purchase and the other is a rehab loan where you can get money to rehabilitate an existing home.  The home of course has to be owner-occupied just like the FHA Home Loan.  

By Idea go, published on 05 July 2010
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If you don’t qualify for the USDA then of course you can do the standard FHA Loan that only requires 3.5% down.

For more information check the USDA site and here are a couple of articles about it as well:

http://www.rurdev.usda.gov/Home.html
http://www.usdaloanagency.com/what-is-a-usda-loan/


The only catch to the USDA Loan is that the home has to be in the USDA funding area.  These areas are usually in more suburban and rural places that are just being developed.