Article: Does a Zero Down Loan Really Exist?

A few years ago, there were hundreds of zero down home loans available. Are there any loans left that don’t require a down payment?

Zero Down Loans Harder to Find

Since we’ve all sobered up, there are only a small handful of them left. While it’s good to have choices, easy zero down loans caused many home buyers to buy before they were really ready to take on such a serious financial commitment. Zero down first time home buyer loans may or may not be the best choice for you. Let’s take a look.

Always have 3 to 6 months worth of mortgage payments in savings in case of job loss or unexpected expenses.

What are your options right now if you don’t have money for a down payment?

• VA (Veteran’s Administration) Loans. You’ll need a Certificate of Eligibility which, among other requirements, means you have to have served in the Armed Forces.  SeeVA site for eligibility rules.  If in doubt, ask your Mortgage Professional about the specific requirements.

• USDA Rural Housing Loan. This was created to stimulate home buying in designated rural areas. The flexibility within the definition of these areas may surprise you, so be sure to discuss this option with your lender.

Loan programs can run out of funds or availability so ask a Mortgage Professional about programs you read about on your own.

• Smaller banks and credit unions. They sometimes have zero down loan programs for first time home buyers. These programs have dwindled considerably in the last few years and some are no longer available. Ask both your Buyer’s Agent and Mortgage Professional if they know of any programs because they can be hard to find.

• Your employer. There aren’t many of these programs left, but a few employers were giving their employees a gift of 3.5% for a down payment. Be sure to ask your boss!

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