Zero Down Mortgage Options

YES, it is most definitely possible to buy a home without a down payment! Read on to find out how.

The following loan programs do not require a down payment and are true zero down loans:

  • VA Loans which are available to eligible active duty military members and Veteran’s who have been honorably discharged
  • USDA Loans which are designed to provide safe, affordable housing for low to moderate income families in less densely populated areas

In addition, through the Washington State Housing Finance Commission, you are able to actually borrow your down payment through a variety of different loan options should you qualify under their basic guidelines outlined below:

  • You do not currently own another home, or at least not locally
  • The home being purchased is a single-family residence
  • The home being purchased will be owner occupied
  • You have a mid-credit score of 620 or higher
  • Maximum gross annual income does not exceed $145,000
  • You qualify for an FHA, VA, USDA or Conventional 1st mortgage

The actual amount of the down payment and the terms vary on the type that you qualify and choose to use. There are programs for teachers, people with disabilities, low income families, moderate income families and those choosing to buy within specific geographic areas as well. These programs are available throughout Washington State.

Please call me directly at (360) 456-1200 to find out whether one of these programs will work for you!