Zero Total Move In
Ther are still several ways to buy a home with a zero move in. You must be a 1st time home buyer or have not owned a home in the last 3 years. In addition you annual Adjusted gross income and your credit worthiness will determie which programs you might qualify for.
USDA Loans - United States Department of Agriculture has a Rural Development Housing and Community Facilities Program tha features a Loan Guarantee program. You must have fairly good credit with a minimum FICO score of 630 or higher and for the Austin Round Rock MSA and a single person will have to make less than $ 49,800.00 annually. 2 Persons must make under $ 56,900.00, 3 Persons must make under $ 64,000.00, 4 persons must make under $ 71,100.00. This is a 100% loan with no down payment and no mortgage insurance. It is however limited to geographic locations based on population size. Currently, Leander, Hutto, Liberty Hill, Jarrell and Kyle are the areas around austin that qualify.
State of Texas Bond # 74 - This is for 1st time homebuyers with adjustd gross incomes of $ 81,700.00 annually or less. There is a 4.0% downpayment assistance feature that is in the form of a second lien with no interest or payments and it is foregiven after owning the home 9 years or longer.
With both of these programs the seller or builder can contribute up to 6.0% to help with closing costs and prepaid items which is how you are able to buy a home with a zero total move in.
