Home Loans - No Money Down
We are an experienced
Alaska Mortgage company. If you are an Alaska resident trying to
buy a home in Anhcorage or Wasilla, our licensed mortgage brokers
will get the loan you need with no money down!
You can call
us toll free at 888-694-0455. There is no obligation or fee.
In this difficult economy
where stock valuations are questionable, one of the best investments
is real estate. For many potential buyers, the problem is coming
up with a down payment to make this all-important purchase. This
does not have to be the case. It is possible to buy a home with
nothing down, meaning no down payment. There are several methods
by which eligible home buyers can minimize or even eliminate down
payments. They include: VA loans, Owner financing, Lease/purchase,
House trading, Job-related federal programs, and
State and local government programs.
As you know,
the hardest part in buying a home is trying to save the large down
payment required to buy a home. For the average home buyer, putting
20% down is just not possible, and in most cases, just not smart.
Even the 5% programs are out of reach for most home buyers. Imagine
if the need for a down payment was eliminated. With our programs
the need for a down payment is eliminated.
VA Loans - The method of purchasing a home with
no down payment that most people are familiar with is through the
Department of Veterans Affairs, or VA. This benefit is available
to active and retired members of the military service, veterans,
POW's and MIA's and their unmarried widows. All branches of the
service including the Coast Guard are eligible. Also members of
Selected Reserves or National Guard who have completed six years
may be eligible. Many older veterans may recall a time when they
were entitled to use this benefit only once in their lifetime. This
was changed in 1989. Now, the only existing stipulation is that
an eligible person may use this benefit on only one house at a time.
As with all VA loans, the house must be used as a primary residence.
It may not be a rental home or second/vacation home. There is no
maximum home loan amount. Nothing-down VA foreclosures available
to everyone What many people do not know is that you do not have
to be a veteran to purchase a VA foreclosure with nothing down.
VA foreclosures are available to the general public. Some require
nothing down or just a fee of $500. Although the homes are sold
from the VA, purchasers must obtain conventional or FHA loans unless
they are veterans or active military. VA foreclosures with nothing
down or $500 fees can be found among those from banks, lending institutions
and federal agencies.
Financing, Lease-Purchase - If a glut of unsold homes
develops in a market, some sellers in Alaska-- especially those
in a hurry -- become willing to assist the buyer. There may be additional
pressure on sellers of used homes when they compete with builders
in their areas who fund down payments on new homes. These sellers
may agree to lease-purchase or owner-financing plans. In both cases,
purchasers do not pay down payments to acquire the properties.
HUD - The Office of Housing and Urban Development (HUD)
offers special financing for first-time home buyers. This program
is based upon need and is designed to allow low-income families
to obtain their first home without a significant down payment or
closing fees. Also, many HUD foreclosure homes require no down payments.