HOMES & LIFESTYLES
Eight Ways to Buy a Home with Little or No Money Down
By Ameris Bank
M
any home buyers still believe that
ans, reservists, active duty personnel and
sistants, dentists, pharmacists, veterinarians,
they need to put down at least a 20
select family members. This loan features
chiropractors, podiatrists and optometrists
percent down payment in order
flexible credit requirements, no down
(including residents and fellows). Because of
to purchase a home. Whether you are a
payment requirement and no mortgage
the unique needs of medical professionals,
first-time home buyer or moving up to your
insurance requirement. It also allows down
this loan takes into account the needed flexi-
next home, there are grants, programs and
payment assistance and closing cost funds to
bility surrounding student loan debt, time on
assistance available for qualified buyers. Get
come from a gift or grant. For more details,
the job and down payment requirement. For
started by learning more about your options.
visit banker.amerisbank.com/when-you-ap-
more program details, visit amerisbank.com/
ply/mortgage-options/#VA-Loan.
Personal/Borrow/Mortgage-Loans.
The United States Department of Agricul-
3. Ameris Dream Loans
5. Down Payment Assistance Programs
ture (USDA) Rural Development depart-
Ameris Bank offers the Ameris Dream
Ameris Bank is proud to partner with many
ment offers 100 percent financing for homes
loan, which provides up to 100 percent
state and county government agencies that
located in rural areas. This loan requires a
financing for first-time home buyers with
provide down payment assistance in the
one-time guaranteed fee that can be rolled
no mortgage insurance requirement. This
form of forgivable or repayable grants or
into the loan amount and an annual fee that
loan allows gift funds to assist with a down
forgivable or repayable second mortgages. A
is added to the monthly payment. There are
payment and closing costs, but the borrow-
forgivable grant or second mortgage means
restrictions based on income and location.
er must contribute at least $500. Income
that the down payment assistance funds
To see if you may be eligible for a USDA
and location restrictions apply. Contact an
are forgiven over a pre-determined length
loan or to find USD-eligible locations, visit
Ameris Bank mortgage banker for details.
of time that you own the home. Repayable
1. USDA Rural Housing Loans
eligibility.sc.egov.usda.gov.
2. VA Loans
4. Ameris Medical Professional Loan
grants or second mortgages offer the buyer a chance to borrow the down payment
Ameris Bank also offers the Ameris Medical
and pay it back over time at an affordable
The Veterans Administration offers a 100
Professional loan, which provides up to 100
interest rate. The funds can range from a
percent financing loan for military service
percent financing with no private mortgage
few thousand dollars to several thousand
members. Eligible members include veter-
insurance for MDs, osteopaths, physician as-
dollars towards down payment and closing
46 KNOWAtlanta WINTER 2022
