How Can I Buy a Home With No Money Down?

How Can I Buy a Home With No Money Down?

I have met with a home buyer yesterday who asked how he can buy a home with no money down. At this time there are no banks that has down payment assistance program for the first time home buyer. But no worries, you still have options to buy a home with no money down.

Available Options on Buying a Home with No Down

Not all home buyers can qualify for this zero down option. There are certain income criteria and credit to qualify for a loan.

VA Loan: If you are a veteran, then you may have the option to buy a home with no down payment. The lender who participates in VA loan is guaranteed by the government for their 100% loan. This is the loan for qualified Veterans to buy a home with no money down.

Grant Money: Now, if you are thinking that I’m not veteran, can I buy a home with no down? Luckily there are grant available for qualified home buyer, it depends on income and credit. There’s 5% grant of purchase price is available who has 640 credit score and meets their city income guidelines – for example, in Alameda county, you can qualify if your income is lower than $101,775.

This grant is not a loan, so you don't have to pay it back, its like a free money to help you to buy a home. This is available for your primary home only, not for investment property.

Here’s near by county income limit for this 5% grant:

County                       Income Limits

Alameda                      $101,775

Contra Costa               $101,775

San Francisco              $111,665

San Joaquin                 $78,315

Santa Clara                  $117,185

This 5% grant can be used with a FHA loan, which will cover all your down payment and most of your closing cost also.

At this time, this grant is available but not sure how long will it available, so if you are thinking of buying a home in bay area and want to take advantage of this grant before it’s gone, then let me know and I can help you to see if you qualify for this grant and to help you with finding a home within your budget and meets this grant guidelines. This grant may be for limited time only!

You can see that there’s still an option for you in this market to buy a home with no down payment. 

If you are in Fremont, Newark CA or near by bay area, then give Blaison Samuel with Blaiz Properties a call at (510) 366-9405 to help you to buy a home with zero down payment.

You can also view available homes for sale in Fremont CA or near by east bay area.