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Texas Home Loans with Zero or Minimal Down Payment

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Texas Home Loans with Zero or Minimal Down Payment

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  1. Texas Home Loans with Zero or Minimal Down Payment The amount of down payment required for a conventional home loan may vary anywhere between 5 to 20 percent. As the amount of down payment is high, homebuyers with insufficient funds, often have to procrastinate their home-buying decision to a later date, despite their being eligible for a home loan. If you too are planning to take a home loan but do not have sufficient funds to pay for the down payment, in this post we list three Texas home loan programs, that require zero or minimal down payment. Let’ USDA Loans USDA home loans are one of the most sought after home loans in the US. They come with significant benefits allowing homebuyers to buy a property in the rural and suburban areas. Borrowers who qualify for a USDA loan need not pay any down payment. In addition to this, the borrowers may also have the closing costs rolled into their loan. VA Loans Backed by the U.S. Department of Veterans Affairs, the VA loans are one of the most popular home loans among veteran homebuyers. The VA loans not only have interest rates that are much less than what conventional loans offer, but they also allow borrowers to finance 100 percent of the property value. While there is a funding fee linked to obtaining a VA home loan, even this fee can be rolled into the original loan, thereby allowing borrowers to pay almost nothing. FHA Loans ’s take a look.

  2. Insured by the U.S. Federal Housing Administration, the FHA loans are another low down-payment home loan option for home loan borrowers. If you don’ have a great credit score, you can still get an FHA loan, that too at a minimum down payment of 3.5 percent. In addition to the down-payment amount, FHA loan borrowers are also required to pay an upfront premium of 1.75 percent, that can be rolled into the loan. Conclusion If you are planning to buy a home and are worried about the down payment, then this post should have helped. If you still need more help, get in touch with a home loan consultant who can help you weigh the pros and cons of different home loan programs, allowing you to choose a loan that best suits your requirement. ’t

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