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No Downpayment Loan                                                                                                  

The no downpayment loan is designed to offer homeownership opportunities to individuals with good credit  but who lack the ability or desire to make a downpayment on a home. It provides an option for those who wish to invest their savings in assets other than their home. The fixed rate loan is available for purchase, construction, or purchase/ home improvement of an owner occupied primary residence. While no down payment is required, you must have 3% in the transaction. These funds are applied toward your closing costs and may come from your own funds, a gift from a relative, grant, or sale of assets you own.

Other underwriting requirements include:

  • All borrowers must occupy the property

  • Not available in Alaska, Hawaii, New Jersey, Ohio, Oregon, or Dade and Broward counties in Florida.

  • Maximum Loan is $417,000.

  • Minimum 700 credit score.

  • Requires a 1.25% Delivery Fee

  • 1 unit primary residence only. Includes approved condominiums and PUDs.

  • Your income may not exceed 100% of your median income. Call or email for your area's median income.

  • No bankruptcy or foreclosure within 7 years of closing.

  • Total monthly debt to income ratio may not exceed 41%

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 loan options.

For more information on other no downpayment loan products. please see my low down payment page.

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

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 downpayment loanPrequalify for your No Downpayment Loan.

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