this post was submitted on 13 Sep 2024
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In the US, if you're a first time homebuyer you can buy a home with zero cash in hand. You can roll closing costs into the mortgage and have no down-payment. You'll pay more out of pocket for a few years but in many areas it's still cheaper than rent - and rent just keeps going up while a mortgage stays the same. Many states also have free programs where you can take a class and they'll give you a grant towards buying a home.
Credit unions tend to have the best rates. Get into a credit union even if it's just a secondary account that you toss $5 into each paycheck.
Also, there are programs through Fannie Mae and Freddie Mac for first time homebuyers that prioritizes them over investors. This is the easiest way to get into homeownership but the houses are usually fixer uppers.
Can you recommend anything for learning more about this? We've been trying to go through the USDA because we cannot afford a down payment, but they require the house to be in basically perfect condition, meaning there's nothing we can afford.
I went thru USDA for my first home and they had similar constraints. Talk with your bank's mortgage lender. It's possible that an FHA loan would do you better.
I will do that. Thank you very much