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No Down Payment Loan                                                                                                  

The no down payment loan is designed to offer homeownership opportunities to individuals with good credit  but who lack the ability or desire to make a down payment on a home. A no down payment loan provides an option for those who wish to invest their savings in assets other than their home. The fixed or adjustable rate no down payment loan is available for purchase of an owner occupied primary residence. While no down payment is required, you must have liquid assets of at least 3 months of your total loan payment as reserves. No Down Payment Loan Closing Costs may be paid by the seller but may not exceed 3% of the sales price. Several of our lenders are offering no down payment loan products as a single loan with lender paid mortgage insurance or as an 80/20 combination loan. I will always look at both to make sure you are getting the lowest total payment available for your specific situation. Please understand that I am a mortgage broker with access to nearly 700 lenders. I also access to some rather sophisticated loan analysis software to make sure you get the best rate available for your specific situation.

Other common underwriting requirements include:

  • All borrowers must occupy the property

  • Maximum Loan amount is $417,000, although several lenders are offering no down payment jumbo loan products

  • Minimum 660 credit score with no late payments reported in the last 12 months.

  • 1-2 unit primary residence only. Includes approved condominiums and PUDs. Investment property is not permitted for no down payment loans

  • Your debt to income ratios may not exceed 45% of your income.

  • No bankruptcy or foreclosure within 7 years of closing.

  • You are not required to be a first time home buyer

Several of our lenders are now offering interest only options which can often lower your payment or allow you to purchase more house. I have a rather extensive section detailing these new Interest Only no down payment loan options.

For more information on other no down payment loan products, please see my first time home buyers page.

I have included a page on no down payment documentation requirements.

I also have a Free report "Buying your First Home" available by email.

Here is a short PowerPoint presentation for the first time homebuyer that will explain the purchase process and the advantages of being a home owner.

I have purchased new financial modeling software that can do sophisticated analysis of your situation today as well as make suggestions on how small changes in how your mortgage is structured today can have a life changing effect in the years to come.  Read more

Learn more about investing

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your consumer and mortgage debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

No down payment loan Prequalify for your no down payment loan.

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Extensive consumer information on construction,remodeling, first time homebuyer,and no documentation mortgages.                                                                                                                       VA Mortgage