How to Purchase a Home Without a Down Payment


Purchasing a home is a large financial decision. Sometimes, the decision is so large that you haven’t had enough time to save up for a down payment. Don’t stress – there are options for you! VA loans, Navy Federal Credit Union loans, and FHA loans help you qualify for zero down mortgages.

Programs that Help You Get a Zero Down Home Loan

  • VA Loans You may be eligible for a zero down payment VA mortgage depending on your situation. And, since VA loans offer 100 percent financing, you won’t be required to produce a down payment for your loan. VA loans are also great because they don’t require mortgage insurance which can result in saving thousands of dollars per year. These are the cheapest loans available.
  • Navy Federal Credit Union – If you are a member of the Navy Federal Credit Union and a first-time home buyer, you can get 100 percent financing and no PMI. HomeBuyers Choice loans cover conforming or super jumbo mortgages. The conforming loans are limited to $424,100 and jumbo loans cover up to $1 million.
  • FHA Loans First-time home buyers often can’t afford a large down payment. Luckily, borrowers can put zero down if someone is willing to gift them the down payment. There are also first-time homebuyer grants and programs that help you get the money for a down payment. Look for government programs and grants on HUD’s website. You can also search on your local city or county website.
  • USDA Loans – The U.S. Department of Agriculture has programs to assist rural development. The USDA program is a zero-down mortgage geared toward low to very low-income families. The USDA mortgage insurance premium (MIP) is just 0.35 percent compared to 0.85 percent for FHA loans.

Be sure you fully understand any program you sign up for. Contact the experts at Mortgage Investors Group today for help you with any questions you have on FHA loans. Let’s get you into your dream home today.