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Low/No Down Payment Options

Low or no down payment government mortgage loans give you the opportunity to own your own home and start building equity:

FHA Loans are insured by the Federal Housing Administration. They allow home buyers to finance homes with low-down payments and are a good option for first-time home buyers who may not have a large down payment or bruised credit. Loan options include:

  • Financing a primary residence
  • Low down payment
  • Single family homes, multifamily housing, condominiums or manufactured homes on permanent structures
  • Streamline Refinancing available
  • Renovation loans
  • Bankruptcy older than 24 months
  • Credit scores as low as 600
  • Other requirements or restrictions may apply
  • Subject to credit approval

USDA Loan is a U.S. Department of Agriculture loan, often referred to as a Rural Housing Loan, offering zero-down payment for those who wish to purchase in an eligible rural area.

  • For primary residences only – Single Family Residences and approved Condominiums units
  • Income-limits apply
  • Credit scores as low as 620
  • Low private mortgage insurance (PMI) fees; PMI is generally needed when you have a down payment of less than 20 percent
  • Cannot own additional real estate
  • Other requirements or restrictions may apply
  • Subject to credit approval

VA Loan is a no-down payment mortgage option available to qualified veterans, service members and select military spouses and is guaranteed by the U.S. Department of Veterans Affairs.

  • No down payment
  • Finance up to 100 percent of a home’s value
  • 1-4 unit owner occupied residences and Approved Condominium units
  • No monthly private mortgage insurance (PMI) usually charged if you don’t have 20 percent down
  • Funding Fee can be financed – Funding Fee may be waived if you are an exempt veteran as determined by your Certificate of Eligibility
    • The Funding Fee is a percentage of your loan amount charged by the VA as a one-time fee that guarantees the loan in case of default.
  • Stable, reliable income requirements with enough left over for typical needs such as food and transportation
  • Credit scores as low as 600
  • Streamline Refinances available – Interest Rate Reduction Refinance Loan (IRRRL)
  • Maximum loan limits apply
  • Other requirements or restrictions may apply
  • Subject to credit approval

WHEDA Loan is a Wisconsin Housing and Economic Development Authority loan offering special 30-year fixed rate loans with low down payment requirements to those who qualify.

  • Fixed-rate mortgage
  • Low down payment
  • EZ Close second mortgage available to finance some or all of your down payment
  • Home-buyer education
  • Single Family primary residence only requires 3% down
  • 2-4 unit primary residence only requires 5% down
  • Available with no or reduced-rate private mortgage insurance (PMI) fees
  • Income and purchase price limits apply
  • “SPECIAL” rates for first-time home buyers with qualifying income
  • You can own other real estate
  • Other requirements or restrictions may apply
  • Subject to credit approval

Home One® is a mortgage program offered through Freddie Mac available for home purchases and refinances with low or no cash out:

  • Fixed-rate mortgage
  • Low down payment (financing up to 97%)
  • Reduced Private Mortgage Insurance (PMI) rates
  • Reduced closing costs
  • Home-buyer education
  • Income limits apply. See the Affordable Income Eligibility tool on the Freddie Mac website.
  • Other requirements or restrictions may apply
  • Subject to credit approval

Reference our Mortgage Checklist for a list of items to provide to your lender. 

Contact one of our experienced Real Estate Lenders for more information!