Real Estate in Fort Bragg North Carolina
No Down Payment Home Loans
With all of the news about foreclosures and weird financing problems, are there still home loans that do not require a down payment? The answer is yes, but with conditions. You knew that there was going to be a catch or two but it is not really that bad.
The easiest no down loan is based on a veterans benefit under the GI Bill sometime back in time. This orginally was set up for active and retired military but has been expanded to include the national guard. It allows any qualified lender to make a no down loan with standard credit and income qualifications. If the veteran defaults on the loan, then the lender gets paid back by the government. This is as safe as it gets for mortgage lenders and they love these loans for that reason. It is also pretty painless for the veterans buying homes in our area near Fayetteville, Fort Bragg, Cumberland, Hoke, and Harnett Counties.
There are several other government programs that assist those not in the military to purchase homes without a down payment. It is best to contact an experienced REALTOR or mainstream lender to get the most recent details on those loans.