10. Get a Mortgage With No Down Payment
Find out if you qualify for a government home loan, as there are options that require no down payment at all. U.S. Department of Agriculture loans are available for borrowers in need who want to purchase a home in rural or suburban areas. Veteran’s Administration loans are available to active-duty or prior-duty service members, and in certain cases, their spouses and widows or widowers. VA loans are available through private lenders, such as NBKC Bank. VA home loans and USDA loans do not require a down payment.
“The greatest features of a VA home loan are that there is no down payment required if you stay within the county loan limits, and there is no PMI insurance ever,” Schneider said. “On any other type of loan, if you put down less than 20 percent of the purchase price you are required to pay PMI insurance on the loan. This can be hundreds of dollars per month, which can be totally avoided by doing a VA loan. On top of those benefits, the VA loan will also have the lowest rate available among all loan types because it is the least risky loan a bank can do.”