Oct
28

Zero-Down Loans for First-Time Homebuyers

October 28, 2011

Chicago real estateIf you’re a first-time homebuyer, you probably know about the favorable conditions of today’s market: low mortgage rates and low prices. You’ve also probably considered the inflated costs of renting. Even though you’re ready to buy that first home, there’s just one thing holding you back…the initial down payment. However, a recent post on the Equifax Finance Blog reveals some good news.

According to Equifax guest blogger Steve Cook there are still plenty of zero-down loans for first-time homebuyers. His article, “Home Buying: The Low Down on No Down Payment Mortgages” explores several options for people without money for a down payment.

The U.S. Department of Agriculture (USDA) offers loans to families who make up to 115 percent of the median annual income where they live. Even if you’ve never stepped foot on a farm, you can still qualify for a loan. In fact, hundreds of small towns and suburbs have eligible homes.

Have you served 90 days on active duty or with the Reserve or National Guard? You may qualify for a VA loan that covers up to half the cost of your mortgage. The surviving spouse of a serviceperson may also qualify for one of these loans.

You may be surprised to hear this, but many state and local governments offer several loan programs that require no down payment. These programs are designed to entice hardworking, responsible families to move into communities and help them flourish. By doing a bit of homework, you can probably find a local program that suits your needs.

To read Cook’s full article, be sure and visit the Equifax Finance Blog.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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