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No Down Payment Home Loans Not a Dream

Yes, there are a few no down payment home loans out there. Discover the coolest list of zero down mortgages on this page. These are some of the best of these type of programs out there.

Have you heard some speak of no money down home loans? Is this true or is it just a dream? Actually, it is true, there are such products out there. They are a little harder to qualify for. In this article I will explain some of the most common ones.

Are you wondering if you meet the loan qualifications? Click here to see if you qualify for one of these programs.

Here is a list of some of those type of loans:

  • USDA loans (US Department of Agriculture, formerly Section 502 loans)
  • VA Loans
  • Second Mortgage Grant Program
  • VA Vendee Loan

Let me explain each of these programs and how they are no down payment home loans.

Like this couple dreaming, there really are no money down loan programs out there!

no down payment home loans

USDA Rural Loan

This is an awesome loan product and has no down payment requirements. It is a US Department of Agriculture Loan (USDA).

Unfortunately you can only use this loan for homes that are considered to be in a rural area. Which means they are usually good in outer areas of the suburbs. Thus you cannot use this type of loan to buy property in the city.

It is a true zero down loan. There are limitations that you must meet to qualify. But if you do....it is an awesome program! Below I'll provide a link for more information on this program.

For now let's look at another possibility.

VA Loans Are One of the No Down Payment Home Loans

If you are a veteran, then there is an awesome option for you! Most all VA Loans do not require a down payment and are an excellent program.

Unfortunately, you must be a veteran in order to qualify for one of these loans. Thus it is not a loan for everyone.

But it is a true zero down mortgage! Let's look at another possibility...

Second Mortgage Grant Program

Some states offer their residents a second mortgage program that is a zero down and zero interest and even some have zero payments to them.

How is this possible and how do they use these programs? They are used to help with the down payment and closing costs. Usually you must stay in the home a certain period of time and they will forgive the loan.

This zero down option is limited in its scope and will only help those look for assistance in fees associated with the first mortgage.

We're not done though.....here's another option!

VA Vendee Loans

This is a very interesting loan product. Anyone can apply for this type of loan and you do not have to be a veteran to qualify. But you can only use it to purchase VA REO properties.

So if it is a VA foreclosed home you are considering and you meet the requirements for a VA Vendee Loan, you have a no down payment home loan! They will even increase the loan amount by 2 percent to pay for closing costs and many other expenses.

Disadvantages of the No Down Payment Home Loans:

  • Your monthly payment will be higher. Consider, the more you owe, the higher the payment.
  • They are a little harder to find a lender who will offer this kind of loan product.
  • They have some different and even unique requirements to meet.
  • Many will require private mortgage insurance.

Each persons individual circumstances will vary. This type of product may be perfect for you.

Perhaps you are looking in the suburbs or rural area and can qualify for USDA Loan. Or you are a veteran and can qualify for a VA Loan. Either way it will be worth it for you to investigate if no down payment home loans will fit your needs.

Where Would You Like to Go Next....

Here is a link to the USDA loan program with a video to help you.

Are you a veteran and want to learn more about their programs? You will enjoy VA home loans page for this education.

Would you like to see what your state offers in the way of grants or programs? Check out your state here.


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