In the current market, what are the advantages/disadvantages to buying a home without a down payment?
In the current market, your $0 down options are very few. Your main options are the following: 1. VA Loan (either you or your spouse must qualify for a VA loan) 2. FHA Loan with down payment assistance (this is going away as of October 1, 2008 unless congress acts to change this) 3. Rural Housing Program (this has income restriction and the property must be located in certain rural areas). If your cirumstance fit within one of the above options, then your time thinking about the advantages and disadvantages to buying a home without a down payment will be worthwhile. I’ll let others weigh in on the pros and cons for now.
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