3 Big Programs That Allow You to Skip a 20% Down Payment
Let’s face it: Saving up 20 percent of a home’s purchase price can be tough. In some cases, it’s impossible.
Fortunately, there are three major programs that will allow you to buy a home with less than 20 percent down.
If you take out an FHA loan, you could put down as little as 3.5 percent of the home’s purchase price. The program is designed as a “second chance” for people who have bankruptcies, short sales, and foreclosures in their pasts.
If you’re a veteran or currently serving member of the U.S. Armed Forces (and you’re in good standing) or you’re the surviving dependent of a vet or member, you could qualify for a VA loan. A VA loan, which is backed by the Veterans Administration, doesn’t require any down payment at all.
Often called the “farmer’s loan,” a USDA loan is a rural housing incentive backed by the U.S. Department of Agriculture.
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