How Do You Buy A Home With ZERO Down Payment?
Buying a home with ZERO Down payment AND ZERO out of pocket is more possible now than in days gone by. Homes are more affordable than ever and the Government has provided financing packages for qualified individuals. Step 1 Find an FHA/VA approved Mortgage Planner that specializes in DPA’s. A DPA is a Down Payment Assistance Program. One of the more popular DPA’s is the Nehemiah program which has funded over 275,000 real estate transactions since 1998. Step 2 Get pre-approved for a DPA with a Certified Specialist. Credit need not be prefect to qualify. In fact, a score as low as 550 is acceptable for FHA qualifying. The most important aspect of qualifying for the program is Income verification. This program is for any buyer (first time or otherwise) of an owner occupied residence. Step 3 Begin your Home Search. FHA limits have been raised to as much as $729,000 in some areas (ie such as Los Angeles county). However, most areas go up to around $423,000. For many areas $423,000 will buy
