Low down and No down payment home loans

We offer a variety of options for Low down and No down payment home loans.  Here we will review each with some details and benefits. 

FHA Loans - zero down payment required

We are proud to offer Home buyers a zero down FHA loan option.  This helps reduce the amount of cash needed to purchase a home.   

A typical home purchase will require monies for Down Payment, Closing Costs, and Prepaid items such as Property Taxes, Homeowners insurance, and per diem interest.  By pairing your new FHA Loan with our special FHA second mortgage, you can reduce the amount of cash you will need for your home purchase.  

Our Zero Down FHA Loan can be used to purchase: 

  • Single Family Homes
  • Condos
  • Townhomes
  • PUDs
  • Duplex / 2 unit Owner Occupied properties
  • Manufactured Homes

A few features of this exciting loan include:

  • Seller credits allowed up to 6 percent to help cover closing costs
  • Gifts allowed for down payment and closing costs
  • Loan Amounts up to $726,200 (or your FHA county loan limit if lower)
  • Potential for partial forgiveness (ie a portion may be as a gift)
  • No first time home buyer requirement
  • No income limits
  • No geographic limitations - available statewide - coast to coast
  • Maximum loan limit - $726,200 or your county FHA loan limit if lower
  • Non-occupant co-borrower OK

VA Loans - zero down payment required

VA Loans for USA military and USA Veterans offer zero down financing for Veterans and Active Duty Military members who have full VA entitlement available.  IE no current VA loans or charges against VA Entitlement such as a foreclosure or short sale on a VA Loan.

Our VA loans are available up to $726,200 throughout the USA with zero down required and our VA Jumbo Loans are available up to $2m throughout the USA.  The VA Loan Limit only applies to Veterans with a current charge against VA Entitlement.  In that case we use a formula based on the VA county loan limit and the Veteran's remaining VA entitlement available to calculate both zero down VA Loan options and VA Loans with a down payment (available to $726,200 for regular VA Loans and $2,000,000 for VA Jumbo Loans). Our minimum score is just 580 for VA Loans and VA Jumbo Loans.  We also offer VA Loans with mid scores as low as 500 for qualified veterans.   

VA Loans can be used to purchase:

  • Single Family Homes
  • Condominiums
  • Duplex, Triplex and Quadplex
  • Row Homes
  • Town Homes
  • Manufactured Homes (on owned land)

We have specialized in VA Loans since 2008, put our VA Loan experience to work for you. 

USDA Rural Development Home Loans require zero down payment.

USDA Loans are available in rural areas.  USDA loans can be used to purchase single family homes, FHA approved condominiums, and select Manufactured homes on owned land with zero down payment required.  USDA Rural Development home loans have a low mortgage insurance rate and are available up to $726,200.  There are income caps based on family size and geographic limits, which change every few years.  Visit our USDA Loans page for more details.

Down Payment Assistance Home Loans with zero down required.

We offer various down payment home loans for both first time home buyers and subsequent purchase home buyers.  These come in a variety of combinations - Down Payment Assistance paired with a FHA Loan, Down Payment Assistance paired with a Conventional Loan, Down Payment Assistance paired with a state Bond program, etc.  We have options for Down Payment Assistance loans in every state we do business.  

We are here to help you understand the options and navigate the home loan process.  All questions are welcome, as we want you to be confident in your home purchase. 

Give us a call at 760-752-4480, email Brian at bskaar@vandykmortgage.com, or get started online here.