Saving for a down payment is one of the biggest obstacles to buying a home. Can you buy a home with no down payment? Yes, but the criteria for qualifying for a no down payment mortgage are very specific. If you don't qualify, it may be easier to qualify for a low down payment mortgage.
No down payment loans include VA loans, guaranteed by the Department of Veterans Affairs, and USDA loans, guaranteed by the United States Department of Agriculture. VA loans are available to active duty military members, veterans, and eligible spouses. USDA loans are available to those buying property in certain rural and suburban areas.
However, even a no-down payment mortgage may require you to have some cash down, and there may be upfront costs like fees, closing costs, and mortgage insurance (or you may be able to roll them into the loan).
Low down payment mortgages include FHA loans, which are insured by the Federal Housing Administration and require down payments as low as 3.5%, and some of today's typical loans require down payments as low as 3%.
The lenders on this list offer mortgages with no down payment (zero down mortgages) and/or low down payment FHA loans or conventional loans.
The star ratings you see are specific to the products each lender features. The listings include a mix of FHA, VA, and conventional loans.
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