Texas Lone Star Lending Video
Buy a Home with No Money Down
In this week's 5-Point-5, we'll highlight a new loan program that allows you to buy a home with no money down.
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Read the transcript
In this week's 5-Point-5, we'll highlight a new loan program that allows you to buy a home with no money down.
1st point: No money down?
The lender provides your 3% down payment as a deferred, no interest second mortgage.
2nd point: No second mortgage payments
A deferred second mortgage means you aren't required to make monthly payments on it, so it doesn't affect your housing payment.
3rd point: So, what's the catch?
Really, there isn't one. You pay off the second mortgage, without interest, when you sell, refinance, or pay off your home.
4th point: Moderate income limits
The program targets low-to-moderate income homebuyers, those whose income is no more than 80% of the median income in their area.
Last point: Can I avoid the income limits?
Yes, you can. If you haven't owned a home in the last 3 years and have good credit, the income limits don't apply.