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Can I buy a home with no money down at all?

by becky_hillman from , . Aug 6th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Yes... VA, if you are eligible for VA benefits, offers 100% financing, USDA, if the home your purchasing is within the USDA defined area, you can financing 100%, with FHA, there are HUD homes which you can purchase for $100 down, but it's only on select homes, and it's only available in certain states. There are also Access programs which allow you to finance part of your down payment as a 2nd mortgage... Example: FHA requires 3.5% down, but the lender allows for a 3% 2nd mortgage, allowing you to purchase the home with just .5% down payment or $500 for every $100,000 purchase price.. and HomePath homes can be purchased with 3% down, but only on select homes.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Aug 6th 2013
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In some cases yes! USDA and VA offer 100% financing. Some states and counties have grants for downpayment and closing cost assistance.

Aug 6th 2013
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USDA/ Rural Development Guarantee and VA loans do not have a down payment requirement. Please remember that most lenders require that you pay for your appraisal up front and most contracts require that you put some earnest money down on the contract. Both of these items are refundable at the closing table.

Aug 6th 2013
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Bill Cook (loanpro)
#663 ranked lender in California - 48 contributions

As mentioned above, the USDA and VA loans are your best bet. Although, I'd strongly consider coming in with some type of down payment as you will get the better rates. FHA has 3.5% and there is a .50% down program. If you are a teacher, firefighter, policeman you may be eligible for a grant.Financial advisors also say if you cannot put down 20%then maybe home ownership should be put off. There are lots of variables that make zero down a good choice and others that make it a bad choice.

Aug 6th 2013
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Michael Mandis (MarylandMortgages)
#27 ranked lender in Maryland - 14 contributions

The only 2 loans widely offered that allows you to purchase a home with no money down are the VA Loan and the USDA Loan (Rural Development Loan). The USDA mortgage is a great way to go if you are not looking in a metro area.

Aug 6th 2013
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,317 contributions

USDA loans in rural areas, and VA loans for vets. Hint: some suburban areas are still considered rural by USDA.

Aug 6th 2013
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David Sanders (David_Sanders)
#809 ranked lender in California - 59 contributions

Hi Becky,If you are a military VET you can use a VA loan for a 0 down-payment loan. FHA offers a 3.5% down payment and some states offer down payment assistance up to 3%...so ideally you would only have to come in with 0.5%. USDA is another option but your home would have to be within a defined area... Sounds like you may have to explore the FHA option?

Aug 6th 2013
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

Yes you can. If you are a veteran and can qualify for a VA Loan. If you are buying in a rural area and qualify for a USDA Loan. Also there are down payment assistance programs that will give you grant monies to assist you with down payment and closing costs if you are in a certain income bracket. Monies you don't have to pay back if you stay in the home for a certain number of years. Please call me if you need more information. Jericho Cherry- 804-556-0685.

Aug 6th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

Depending on what State you are in we have many programs with 1/2 percent down. If I can help please let me know. P: 888-320-7888 - www.MortgagesforAmerica.org - Ken@MortgagesforAmerica.org - Ken Burrows

Aug 6th 2013
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Jason Vondrak (jvondrak)
#217 ranked lender in California - 1,741 contributions

Yes, you can if you qualify for a VA loan or USDA loan. Other programs, which have low down payment options, are FHA loans with as little as 3.5 percent down.

Aug 7th 2013
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Jonathan Rhode (jrhode)
#182 ranked lender in California - 130 contributions

Yes you can.. Only if you qualify for a VA loan or USDA.

Aug 7th 2013
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