Frequently Asked Question: Can you buy a house today with no money down?
Q: I want to buy first home. Is there any way to get in to a house with no money down? Any programs ?
A: Yes. With a USDA Rural Development loan, you can buy a home with no money down. And, there's no monthly private mortgage insurance (PMI) payments.
USDA Rural Development loans are primarily used to help low- and moderate-income individuals or households (up to 115% of the Area Median Family Income) purchase homes in "rural areas." Income limits are graduated based on family size. Visit the USDA Income and Property Eligibility Site to learn more.
Rural areas are classified as open country and places with a population of 10,000 or less. Under certain conditions, cities and towns with a population between 10,000 and 20,000 may also qualify. There are many areas on Cape Cod and the Islands and in Massachusetts that are eligible for the USDA Rural Development loan. Visit the USDA Income and Property Eligibility Site to learn more.
The USDA Rural Development loans can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.
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