How sweat equity and a little home DIY can help you avoid a down payment on mortgage loan
Saving a down payment is challenging for many first-time home buyers, and even if they manage it, more obstacles lie ahead.
After choosing a lender and getting approved, buyers still have to find a good house that fits their budget. Looking at fixer-uppers can expand their options, but not everyone can afford major improvements after such a big purchase.
Buyers could find a solution in Home Possible, a low-down-payment conventional mortgage from Freddie Mac. These loans offer an attractive option for borrowers willing to apply a little elbow grease: a sweat equity provision that can eliminate the need for a cash down payment.
Read more at USAToday.com.