Purchase Home With No Money Down
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FAQ
The only way to get a zero-down payment mortgage from major mortgage investors is through a government-backed loan, which is insured by the federal government. In other words, the government (along with your lender) helps foot the bill if you stop paying back your mortgage.
Hear this out loud PauseIt's absolutely possible to buy a home with no money down. However, you won't be able to get a zero-down conventional loan. Instead, you'll need to get a government-backed loan. Government-backed loans are mortgage loans that the government insures.
If you're a first-time homebuyer and don't have a lot of money for a down payment, you might consider a mortgage through a government program such as those offered through the Federal Housing Administration (FHA) and the Department of Veterans Affairs. Patelco also offers mortgages for less than 20% down.
Borrowing money for a down payment isn't a good idea and generally isn't possible with many lenders. If you're considering a personal loan as a substitute for saving up for a down payment, consider these drawbacks: Mortgage interest rates are more competitive.
To qualify for an FHA-insured loan, you need a minimum credit score of 580 for a loan with a 3.5% down payment, and a minimum score of 500 with 10% down. However, many FHA lenders require credit scores of at least 620.