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!