The short answer is, YES, it is possible to buy a first or additional home with no money down.  However, there are some steps that you have to take in order to see if you qualify for a mortgage without a down payment.

You will need to contact a lender to see what your credit score is and also verify that you have been at your job for at least 2 years.  They will need more information once things progress, like copies of pay stubs and tax records.  Once this is established, the lender will then talk with you about the different types of financing:

• Conventional
• FHA (Federal Housing Administration)
• VA (Veterans Administration)
• USDA (United States Department of Agriculture – Rural Development)
• And any other applicable options, known to the lender

Next, they will tell you how much of a purchase price you qualify for and help you decide what payment you will be comfortable with, based on the term of the loan.  Tell your lender what areas you are interested in and they will be able to tell you what type of loan will work best.

Once you have met with the lender and get pre-qualified, you will need to meet with a realtor.  Your realtor can provide advice and industry tools to help you search for the homes or real estate you are seeking, and take you through the purchase process.  Since I have experience in the Sandusky, Ohio and surrounding areas, feel free to contact me at the very beginning.  I can recommend some very good local lenders that are easy to work with and very knowledgeable on a variety of loan options.

If you want to be in a rural setting and you qualify for the USDA no money down loan, your realtor will be able to help you find the right home that qualifies.  Remember, this is not always a quick process and you may have to look at many homes until you find the right one. Here are a few important points regarding USDA rural development loans:

• Homes that qualify are usually in a rural area
• Homes must meet bank standards and be in “move-in” condition
  • Roof in good shape
  • No peeling paint
  • Working furnace, plumbing, electrical
  • Flooring and carpeting
  • Solid foundation
  • No standing water
• Rural Development is now offering a renovation loan for homes that do not qualify

I’m just a call or email away, so don’t hesitate to contact me if you need additional guidance or are ready to take the path to owning your first or additional home.