Minimum Down Payment Purchase Programs

Conventional Programs- There are several different zero down conventional programs on the market today with some allowing part of the closing costs to be financed. There are also ways to deter having to pay mortgage insurance with these programs and some allow for less than perfect credit scenarios. The interest rates for these programs are a little higher than conventional pricing.

3% Down Programs- Programs under this topic are numerous and include both conventional and government financing. The Federal Housing Administration (FHA) for many years was the major originator in this category and continues to have a stronghold in this market. There has been a strong push for conventional lenders to compete with the FHA product and within the last two years they have attempted to do so. Gifts may be allowed on certain 3% down programs which was only acceptable until recently for FHA products.

RECD- Rural Economic Community Development (Farm home) provides financing outside of metropolitan areas. This program provides 100% financing and helps low to moderate-income families to purchase a home. Monthly mortgage insurance premiums are not required with this program and there are additional limitations to this program so contact us for details.

VA- The Veteran's Administration provides zero down financing for eligible U.S. military personnel. This program is very flexible with income and credit problems and does not have monthly mortgage insurance which means a lower housing payment.