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No to Low-Down payment

There are a number of government loan programs out there to help people with little to no money down purchase a home.

FHA Loans

The Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD), plays a significant role in helping low- to moderate-income families qualify for mortgages. FHA assists first-time buyers and others who would not qualify for a conventional loan, by providing mortgage insurance to private lenders. Interest rates for an FHA loan are usually the going market rate, while the down payment requirements for an FHA loan are lower than conventional loans. The required down payment can be as low as 3.5 percent and the closing costs can be paid by the seller.

VA Loans

VA Loans are guaranteed by the U.S. Department of Veterans Affairs. Service persons and veterans can qualify for a VA Loan, which usually offers a competitive fixed interest rate, no down payment and limited closing costs. While the VA does not issue the loans, it does issue a certificate of eligibility required to apply for a VA loans.

USDA Loans

The USDA also does more than just certify beef. They sponsor a little-known Rural Housing Loan Program. If you qualify, you can get a government-insured mortgage on that home you've been eying with no down payment, little mortgage insurance, and the sellers can even help you with your closing costs.

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