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!