Question:

What are my options to buy a house with no down payment home loan?

Answer:

To buy a house with no down payment home loan, you have many options to choose from. There are many 100% financing home loans, 80/20 combined financing loans, FHA and VA programs, as well as down payment assistance programs.

Buy a House with No Down Payment Mortgage Options

FHA home loans allow 3% gift to be used towards the down payment. This option is highly useful for first-time home buyers and has very relaxed terms for people with foreclosure and bankruptcy on their credit report. Also, they have great ARMs with greatest rates and lowest caps. Also, check the Nehemiah program for a no down payment home loan in California.

VA home loans allow 100% financing for up to $417,000. VA loans are available to active-duty members, reservists and veterans; you should check whether you qualify.

Sometimes, over 100% financing will be offered to cover closing costs, as well. A score of 600 will be required if you'd like to buy a house with no down payment 100% financing home loan. 80/20, 80/10/10 and 80/15/5 are also offered by many lenders. With that option, you may be required to show several month mortgage payments available funds.

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