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Which mortgage has the lowest down payment?

I have only 2% to put down in my price range. Make 45000 a year but it's been difficult to save up a lot because my wife left her work to take care of our newborn for the first year. Any down payment help out there for new parent folks like us? We do also have a savings account with 3k and both of our credit is above 680. by guerrilanorton784... from Provo, Utah. Nov 20th 2014 Reply


Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,237 contributions

Unless you are a veteran and eligible for a VA loan, your only option with less than 3.5% downpayment is probably a USDA "Rural Development" loan which is only possible in certain locations classified as rural. Otherwise, talk to local lenders about what options your State Housing Finance Agency may offer. With 3.5% downpayment you can get a FHA loan and all your closing costs and prepaid expenses can be covered by the seller. Sometimes local credit unions and community banks offer 97% loans but you may need more than the 2% you mentioned. Maybe your tax refund $$ in 2015? Good luck!

Nov 20th 2014
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Dana Anghel (dana@utloanofficer.com)
#88 ranked lender in Utah - 50 contributions

If you're looking to purchase in Provo, I can help you get a loan with a downpayment assistance program. Your downpayment will only need to be $1,000. Based on your family size and income, it sounds like you will qualify. Send me an email at dana@utloanofficer.com and I will send you more information. Or you can call/text me at (801) 473-3154.

Nov 20th 2014
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Mark Hammond (MarkHammond)
#72 ranked lender in Utah - 3 contributions

I can get you done with .5% down, or $500 bucks per 100,000 sales price. Works like a charm. I'm the owner/broker with 20 years experience. The best advantage you can get for rate and costs is to work with an owner/broker. My number is 801-808-6275. I'm in Draper.

Nov 20th 2014
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

I agree with PHIL D BELOW ... I CAN also refer you to someone that does private cash line advances your score is ok for this..

Nov 20th 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,619 contributions

USDA is zero down, VA (assuming you're eligible) is zero down, FHA is 3.5% down, and conventional is 5% down.. There also might be some down payment assistance programs available in your area.. your local real estate agent or mortgage broker should be familiar with these programs which can gift/grant you the necessary funds to purchase. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 20th 2014
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Jason Vondrak (jvondrak)
#217 ranked lender in California - 1,741 contributions

If you are a veteran eligible for VA financing, you can put 0% down on a home purchase. If you do not qualify for VA financing, your next option would be FHA financing, which only requires 3.5% down.

Nov 20th 2014
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Joe Metzler (JoeMetzler)
#19 ranked lender in Minnesota - 3,876 contributions

Well zero down payment loans have the lowest of course. Loans like VA Loans, and USDA loans. Next is usually something combined with a down payment assistance program. Following that is an FHA loan at 3.50%, and standard conventional loans at 5%. Side note, Fannie Mae and Freddie Mac are expected to re-offer 3% down conventional loans any day now... Lending in MN, WI, and SD - www.StPaul-Mortgage.com

Nov 21st 2014
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

USDA or VA loans have zero down. Several lenders on this forum have good sources for you.

Nov 20th 2014
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

There are only three options for a 100% financing, VA, USDA, or VHDA. You must meet the qualifications for these programs. FHA requires 3.5% down. However their are Down payment Assistance Programs available Check with a Loan Officer in your area to see if you qualify for any of these programs.

Nov 20th 2014
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#76 ranked lender in Florida - 2,240 contributions

The lowest down payment loans right now are your government loans. FHA requires 3.5% down, VA and USDA can do up to 100% financing plus, to qualify you need to be VA eligible and for USDA the property needs to be in a USDA area and there are income restrictions as well. It sounds like FHA is your best bet unless you are a Veteran or the property is in a USDA area. Save up another 1.5 % and some money for appraisal ,home inspection and a years home owners insurance premium, then tell your realtor you need a sellers concession to wrap in all the closing costs. Also speak with a local mortgage pro to see if there are any down payment assistance programs for the area you are looking to buy in.

Nov 21st 2014
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Timothy Howard (timehoward)
#70 ranked lender in Utah - 154 contributions

There is another program that none have mentioned on here, It is the Utah Housing Program offering 100% financing, No down Payment.Please call me, as my team is ready to help you get the loan done.435.764.8709 cellwww.yourmortgageguy.us (you can apply online)

Nov 22nd 2014
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