House Hunting With Zero Money Down

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(CNN) — Buying a home can seem out of reach, but the days of putting down at least 20% of the price of a home are over.

“If you’re thinking you still do, you have a lot of catching up to do,” says David Greene, author of “Long-Distance Real Estate Investing”.

Real estate experts say there are many options to put down much less or even nothing at all! Here are some options to consider. Try an FHA loan through the federal housing administration. It requires less money down and lighter credit history requirements.

Greene adds, “These loans apply all over the country. So my advice to you is to talk to a real estate agent and ask if they’re aware of any of these low or no down payment programs.”

If you’re a veteran, take advantage of VA loans which require no money down.

Says Greene, “If you’ve ever been in the military and you’re renting, I highly suggest you contact a real estate agent or a lender or both and find out what your situation is, what you can buy a house for in your area.”

Experts also recommend checking down-payment assistance options available in your state, like housing grants.

Greene highlights a past customer, “This client in particular that I worked with, she bought a house for $300,000, and she got 5% back which means she got a grant of money she did not have to pay back for 15 thousand dollars.”

There are also conventionial low-down payments insured by the federal government

Greene says, “I really want to encourage you, if you’d like to own a home to go find out what it would take to get there and to put a plan in place to put yourself in a position where you can.”

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