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No Money Down Loans?



There are mortgage loan programs that require zero money down. If you’re a veteran or active duty and have at least 181 days of service, you’re eligible for a VA loan which requires no down payment. USDA loans are another government-backed mortgage program that doesn’t need a down payment yet the property must be located in an approved rural area and there are income limits on how much a household can make and still be approved. If neither of these options work for you, there is another program that isn’t used very often but should be if a no-down-payment loan is a requirement.

The California Housing Finance Agency, or CalHFA, was created in 1975 and oversees their home financing and down payment assistance programs for those who qualify. The programs are offered through approved lenders. The “MyHome” program is an interest free loan filed as a subordinate lien in the amount up to3.5% of the sales price and used in conjunction with a CalHFA loan. The funds can be used for a down payment or closing costs. The loan can be used to purchase a primary residence only and there are income limits based upon which type of loan will be used. A homebuyer education counseling course is also a requirement.

The CalHFA conventional loan program is a mortgage insured with a private mortgage insurance, or PMI, in the current marketplace. The rate is set by CalHFA and is fixed over the course of 30 years. Again, there are income limits for this program.

An FHA loan can also be a path to a zero money down mortgage. FHA loans allow for a financial gift from a family member or qualified non-profit up to the amount of the required down payment of 3.5% of the sales price plus closing costs.

If a zero-money down loan is a requirement your first step is to speak with an experienced loan officer who will review your current situation and evaluate a loan application. Most often however, after a conversation with a loan officer you can find out about available programs that will require as little money out of pocket as possible and how to qualify for them. If a down payment is holding you back, there are options you may not be aware of.

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