Purchasing A Home for Zero Money Down in Harris County, GA: Is It Right For You?

December 27, 2014

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GET A HOUSE FOR NO MONEY DOWN IN HARRIS COUNTY, GA

Needless to say, the recession that lasted from 2007 to 2010 made a large impact on how Georgians pay and receive credit for loans. Prior to the recession, it was easy to buy a house for no money down in Harris County, GA.

It’s more complicated today, as anyone who has tried to buy a home in the last couple years will tell you.

But there are wrinkles and nuances depending on your credit history and home buying experience. Let’s take a look at some factors below.

GOOD CREDIT? YOU HAVE A CHANCE

The baseline qualifications for buying a house for no money down involves having a credit score of at least 700, consistent income, and a work history of more than two years.

So let’s begin here: start by getting your free credit score at credit.com.

LOOK AT GOVERNMENT PROGRAMS FOR 0 DOWN PAYMENT

VA loans, the Navy Federal Credit Union, and the Department of Agriculture’s Rural Development are three examples of government funded mortgages that let homebuyers to buy homes with zero money down.

Of course, there’s specific qualifications for each loan. You must have served in the military in some capacity to qualify for loans from the VA and the Navy Federal Credit Union.

The Rural Development loan is a popular loan, and while the name appeals to those in rural areas, you don’t necessarily have to live in a rural area to qualify.

IS BUYING A HOME FOR NO MONEY IN HARRIS COUNTY, GA A GOOD IDEA?

Let’s not miss the forest by focusing on the trees. Is buying a home for no money down in Harris County, GA, your best option to go about home ownership?

If you do end up buying a home with no down payment, you may end up paying a higher interest rate. Or, you could take out two separate mortgages to give the appearance of paying no money down. There are some of the “hidden costs” of 0 money down.

Plus, if you do the right research, you can get a lower interest rate with a down payment. 2015 is shaping up to be a strong year in the real estate market with mortgage rates projected to decrease. And you’ll be closer to having your home paid off.

So while that statement of “no money down” is appealing, and appears like a great deal, it doesn’t come for free!

 

So can you buy a home for no money down in 2015? Yes, it is possible. But while that may perk people’s ears, it’s not necessarily the best option. Regardless, 2015 will be an excellent year to be a home owner.

 

Are you interested in looking at homes for no money down in the Harris County, GA area? Contact me at 706.662.0125, or email me today!

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