Gen Z No Money Down Home Loans

Does true no money down financing exist? Well sort of with caveats. After months of research into reasons for the economy struggling, gen z not having enough money to purchase a home etc... I stumbled into housing market statistics that shocked me. Only 10% of Gen Z own a home now. MOST gen z homebuyers feel like house prices are just too high. 

So how should the younger generation buy a home without a ton of assets? There are two loan options available to gen z. The first option is to join the military. 

VA Loans

No seriously. VA loans are one of the best benefits of being in the military. VA loans allow for first time homebuyers to purchase a home with no money down at ridiculously low interest rates. Now I totally get that this is not for everyone so let's look at options number 2. 

USDA Loans

The holy grail of no money down home loans. USDA has some requirements that must be met like the property must be outside a metropolitan area. This seems ok now that COVID has pushed the world into remote work. The second requirement is a USDA income limit. You heard that right. USDA has a income limit. If you make too much money, you don't qualify. 

So don't lose hope yet. USDA and VA loans were less popular when the housing market was red hot. Unfortunately real estate professionals looked poorly on USDA and VA loan offers because of the property requirements that come with the programs. But now that interest rates have increased and the market has slowed down, it is time for USDA and VA loans to shine again!