Uncle Sam wants you…to own a home!  It is true.    There are several Federal and also some state government home loan programs.  FHA and VA are the most widely known.  Most of these home loan programs have not tightened their qualification standards despite the credit crunch that is changing the landscape entirely for conventional loans.  So now government insured loans, nearly obsolete a year ago, are making a mighty comeback.  Little or no credit is not much of an obstacle for most government insured home loans.   Generally, if you do not have any traditional credit but can demonstrate that you pay bills like rent and utilities on time – that qualifies.  Also, a low credit score is permissible with an explanation and no late payments in last twelve months.  Additionally, government loans are the haven for small and zero down payment and they permit sellers to pay towards the buyer’s closings costs.  So let your tax dollars work for you by helping your family buy a new home.

Call the mortgage line, Dan Thierry at Dominion Mortgage at 610-614-1903 or visit www.dominionrates.com.

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The answer depends upon the mortgage program and a buyer’s specific qualifications.  Both Veteran’s Administration (VA) and USDA Guaranteed Rural Housing still allow zero down payment home loans.  You read that right, zero down payment and from a program insured by the Federal Government.  FHA loans remain at a minimum 3% down payment and some conventional (non-government insured) home loan programs allow 3% down.  Down payment funds can be gifts or grants with many loan programs.  There are several grants available in the Lehigh Valley.  Having a down payment is important and the more the better, so start saving now, but you can still buy a home with minimal or no down payment.
 
Call the mortgage line, Dan Thierry at Dominion Mortgage at 610-614-1903 or visit www.dominionrates.com.

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