There are steps we could take to avoid paying down payment for our mortgage loan. In this case, we should lie out specific details, so we will have an idea of what we should do. One option we could choose is the Veterans Affairs (VA) mortgage loan, which is applicable if one of the spouses is enlisted in military duty or once served in armed forces. With VA loan, we should get many benefits, especially if we are military personnel. So, it is important for us to be aware of the advantages of being a soldier who can be eligible to pay without any kind of down payment, especially if we are seeking to apply for a mortgage payment. This should be something that we need to take advantage, especially because the government has provided us with many benefits that we need to take advantage of. There is nothing that we should be worried of, because the government is taking care of its armed forces soldiers quite carefully. When we are seeking to avoid paying down payment, we should look at our situation, as an example, we don’t need to be concerned with private mortgage payment or PMI. In this case, it is possible for armed forces personnel to get fixed rate mortgage loan with longer period, such as 30 years.

Another option is rural housing mortgage loan and it is a good choice if we are looking for houses in rural areas. We should be aware that prices in rural areas are usually lower and this will result in lower mortgage. For this reason, it is possible for bank to let us acquire mortgage loan without providing any kind of down payment. Rural mortgage should provide us with significant benefits and with the absence of down payment; we should use the money for other financial purposes, such as creating savings account if we haven’t had one. The closing costs should also be lower, especially because the house itself has very low pricing. This will be something that we are excited about, because owning a house can be very easy to do if we prefer living in rural areas where the environment is cleaner and the situation is more appropriate to raise our children in healthy habitat. In some cases, lenders will agree to help us to join the down payment assistance program, if they still require us to pay some amount of down payment.

If we could work with the best available lenders, it is even possible to get approved with minimal credit score. We could be approved even if we have mediocre credit record. This is possible because the value of the house is lower and this will represent less risk to lenders. However, we should try to work with professionals who can assist us and allow us to work with lenders that provide loan for rural housing. They could actually work like automated underwriting engine, allowing us to focus on other tasks, such as our own business operation. Mortgage loan with no down payment is one option that we need to consider.