Can You Really Get A Mortgage For Zero Down Payment?
Q: Gerald, I want to buy a home and I don’t have much down payment money. I heard that you can get a mortgage with zero down payment, is that true? Harry, Toms River, NJ
A: Harry, the simple answer to your question is yes-in some cases you can get a mortgage with zero down payment. If you are a veteran, the VA has 100% loan programs and USDA offers zero down payment mortgages for eligible rural and suburban homebuyers in qualifying areas. But beyond 100% loans, there are several low down payment loan options. FHA offers 3.5% down payment loans. And FNMA and Freddie Mac have down payments as low as 3% and 5%. Seller financing is also another potential avenue for you to purchase a home with no or a low down payment.
Thanks for your question, Harry.
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