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What r options for no down payment mortgage?

I thought the no down payment loan was available w/ FHA but I gues not anymore and I do not qualify for VA. what can I do now? I am looking more south Florida by bennywalter64253463 from Clearwater, Florida. Dec 16th 2014 Reply


Jess Kinna (jess@palmbeachmortgagegroup.com)
#250 ranked lender in Florida - 3 contributions

FHA requires 3.5% down. USDA is the only non-VA loan that allows for a zero down payment. The property has to be in a USDA approved area, and these area's are rural in nature. If you want to email me direct at Jess@PalmBeachMortgageGroup.com I can give you more info.

Dec 16th 2014
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David Ortega (DavidOrtega)
#55 ranked lender in Minnesota - 225 contributions

We are well versed in the USDA loan. Florida does have a large amount of territory that qualifies. We would love to help you with your new purchase. Also, there are down payment assistance programs that can be combined with a FHA loan to create the "zero down" loan structure you're looking for. We actually just helped a client who qualified for $15,000 of assistance through the Tampa Bay Community Development Center. David Ortega - Satori Mortgage - dortega@satorimortgage.com - 954-900-9788

Dec 16th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

If you where you want to buy is not eligible for USDA financing, FHA or the new 97% conventional loans will likely be the easiest and most flexible. IF you happen to purchase a FHA owned property (foreclosed, often called a "HUD house") it is possible to purchase with as little as $100 downpayment. Otherwise there might be an option through the FL state housing program.

Dec 16th 2014
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,815 contributions

Many areas of the country that were hard hit with foreclosures have down payment assistance programs that can provide funds for a down payment. Most require an FHA loan and there are additional fees and a higher interest rate, but if the county you are looking in still has these funds available, it might work to your advantage. I recommend that you work with a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

Dec 16th 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

There are only two TRUE no down payment loans. A USDA Rural Development Loan, and a VA Loan for our military. There may be some sort of down payment assistance program available in your area. Most of those require some sort of contribution by you the buyer, but you can get assistance to make up the rest of your down payment. As these program vary greatly across the country, contact a local mortgage broker in your area for more assistance. In MN, visit www.Minneapolis-Mortgage.net

Dec 16th 2014
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