Low or No Down Payment Programs

There are several programs available that require no down payment or very little down.  Below is a quick overview of a few of the more popular options we have available.

USDA Loans (100% financing)

USDA loans will allow for 100% financing, which means they don't require a down payment.  There are many restrictions you'll have to fall into in order to qualify for this type of financing (ie: a debt-to-income ratio cap, a household income cap, and a geographic area restriction) but USDA loans can be a great source of financing for those looking to buy a rural property with little to no money down.  For more info on USDA loans, click here.

VA Loans (100% financing)

VA loans will also allow for 100% financing and they don't require mortgage insurance, so they are a great option for eligible current and former service members.  For more info on VA loans, click here.

Down Payment Assistance Programs

One of the most popular down payment assistance programs is coupled with an FHA loan.  FHA loans typically require a 3.5% down payment, however when utilizing this program, the lender will grant you 2.0% with no strings attached, and you would just be responsible for the remaining 1.5% in down payment.  For more info on FHA loans, click here.

Specialty Products

There are some products available for very specific circumstances that allow for very minimal down payments, such as HUD's $100 down program for the purchase of HUD homes.  For more info on specialty products, click here.

Traditional Mortgage Products

The minimum down payment for a conforming loan (conventional loan) is 5% for the standard programs or 3% for the HomeReady program and FHA only requires 3.5%.

Gift Funds

Gifted funds for down payment are acceptable with most mortgage products.  Acceptable sources of gift funds include family members, a spouse or fiance, or an employer.