Stop Renting and Buy a Home With No Money Down

Patriot Nation, I hear it all the time. I can't buy a home because I don't have enough money for a down payment. And I get it. Saving up 20% down on a $300,000 home is $60,000. That's a lot of money. But here's the thing. You don't need 20% down. In fact, there are programs out there that will let you buy a home with zero money down. That's right. Zero. So, if you've been sitting on the sidelines thinking you can't afford to buy, today I'm going to show you that you might be able to buy sooner than you think. So, as always, let's kick off this rodeo right now. Hi folks, I'm Kevin Fagan, the mortgage patriot on your side, nestled here in the Hill Country above San Antonio, Texas, showing all you proud Texans and all you great folks all around the country another great one. So, let's talk about no money down options because this is something that I think a lot of people don't know about. And the reason they don't know about it is because nobody's talking about it. The media talks about rising home prices and how hard it is to buy. But they don't talk about the programs that are available to help you buy. So, let's get into it. The first and most well-known no money down program is the VA loan. If you're a veteran, active duty military, or an eligible surviving spouse, you can buy a home with zero down payment. Zero. The VA loan is one of the best mortgage products out there. No PMI, competitive interest rates, and no money down. If you're eligible, you should absolutely be using this program. Now, here's the thing. A lot of veterans don't know they're eligible. Or they think they've used their benefit already. But the VA loan benefit can be used multiple times. You're not limited to one use. So, if you've used it before, you might be able to use it again. The second option is the USDA loan. Now, the USDA loan is for rural and suburban areas. And when I say rural, I don't mean out in the middle of nowhere. There are a lot of areas in and around San Antonio that qualify. USDA loans also have zero down payment and no PMI. The only catch is that there are income limits. You can't make too much money. But for a lot of first-time buyers, this is a perfect program. And it's not just for first-time buyers. Any eligible borrower can use a USDA loan. The third option is down payment assistance programs. Now, these are state and local programs that help you with your down payment and closing costs. In Texas, we have several great programs. The Texas State Affordable Housing Corporation has programs that can help you with up to 5% of your loan amount as a grant or a deferred second lien. That means you don't have to pay it back until you sell the home or refinance. And there are also programs through the Texas Department of Housing and Community Affairs that offer similar assistance. Now, here's what I want you to understand. You don't need to have 20% down to buy a home. You don't even need to have 5% down. There are programs out there designed to help you buy a home with little to no money out of pocket. And the sooner you buy, the sooner you start building equity instead of paying someone else's mortgage. I'm the mortgage patriot, Kevin Fagan, on your side. Make it a great one.