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So the question is, can you buy a home now with little or no money?

The answer is yes you can.

Buying a home should be a fun experince although often it is a time wrought with challenges.  One of the biggest challenges for buyers is coming up with sufficent funds for down payment.

That being said, how do you come up with the funds for the down payment?  In some cases you might not need any funds at all.  At the moment we have access to BOND and SHIP funds that can assist with your down payment.  The Florida Bond program offers a $10,000 interest free second mortgage that can be used to cover your down payment and closing costs. 

Other options?  If you buy in Clay, St Johns or Nassau county, you may be eligible for the USDA loan.  This is a great loan that offers 100% financing with no mortgage insurance. It operates similar to a VA loan and has a "Guarantee Fee" that is financed on top of the loan amount.  It also allows for the seller to cover all of the closing costs and prepaid items.

What else is there?  FHA with 100% Gift Funds or come up the a 3.5% down payment and the seller can cover all of the buyers expenses.  VA loans offer a loan with no downpayment and the seller can cover all of the buyers closing cost and prepaid items. 

Be sure to contact me directly with any questions regarding mortgage financing in or around the Jacksonville, Florida market!

Make it a great day,

David Wakefield