Homes for No Money Down

No Money Down Home Loan Programs

USDA Home Loan

A rural development mortgage from the USDA is a zero-down loan for low-to-moderate income families. Besides the no money down, you’ll enjoy other perks like a mortgage insurance premium (mip) is that’s lower than most other home loans. There are a few limitations to this loan, mainly the location of the home and your income.

Contact us to find out if the area you’re considering is approved for USDA home loan purchasing and to see if you qualify for a USDA mortgage.

VA Loans

VA loans are for those who are currently serving in the armed forces, previously served and is now a veteran as well as for spouses of veterans.

In other words, if you currently receive or qualify for any benefits from the military, then you’re likely eligible for a VA home loan. In addition to the zero down-payment, you’ll also save money on mortgage insurance because VA loans don’t require it! VA loans are also flexible with credit score requirements. You’ll need a VA certificate so be sure to contact the Department of Veteran Affairs to get yours and contact us to get started with your loan application.

FHA Loans

FHA loans are government-backed with have flexible qualifying requirements similar to VA loans. While you’ll still need a down payment with an FHA loan, the minimum is much lower –sometimes as little as 3.5% of the purchase price!

Here’s a hint for using an FHA loan AND still pay zero down: use gifted funds!

While other loans have limitations as to how much of your down-payment can be gifted, and FHA mortgage allows you to use gifted funds for 100% of your down-payment. When you combine that perk with that of only 3.5% down, you can see how easy it is to buy a home with an FHA loan!


Information provided by Victor Bals Team with Huron Valley Financial