Plenty of renters would love to own their own home, but don’t think that they can buy without a whopping pile of cash socked away. That’s not always the case, though. There are several options for potential buyers that allow you to buy a home without a down payment.
Rural Development Loans
Intended to promote homeownership outside of metropolitan cities, this program allows for 100% home loans in Plaquemines Parish and the West Bank of Jefferson Parish. There are, of course, rules for borrowing, including income limitations, but it’s worth checking your eligibility to see if you qualify.
If you’ve been in the military, odds are that you qualify for a VA loan, which requires no down payment. Eligibility is not income-based, but there are loan limits for the New Orleans area.
100% conventional loans
Some local lenders are now offering 100% conventional loans and the Louisiana Housing Corporation offers a 3% grant towards the down payment for qualifying low to moderate income buyers, even if you aren’t a first-time home buyer.
Need more information?
We can help you find a local lender that is experienced in helping people buy a home without a down payment. Call us today at 504-327-5303.