is fha only option for low down payment loan?

Yes.. Conventional financing requires 5% down and although you will pay mortgage insurance, it's relatively inexpensive. Plus, with conventional MI, once you reach 20% equity and you have paid 24 payments, you can contact the lender and ask for the MI to be removed.. you will have to pay for an appraisal, and so long as the property appraises, you can drop the MI without having to refinance. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

There are really only two no down payment loans. VA, and USDA (for rural areas). Next is FHA at 3.50%, followed by conventional at 5% down. BUT, if you qualify, you can combine some of these loans with a down payment assistance program. I have a few different loan program options here in MN where you only need $1,000 of your own money when you get a down payment assistance loan. Check with a loan officer in your area. www.MNHomesAndLoans.com

Yes there are several programs available in addition to FHA. There is borrower paid and lender paid mortgage options available as well. I lend in CA and would be happy to answer any questions you have. I can be reached at 714-367-5125 ext. 2251 - Chris Gummerson

Check out USDA (semi)rural areas, for zero down loan.

5% is enough for a conventional loan as long as it is not "jumbo" and a good loan officer will evaluate that vs. FHA and make a recommendation. USDA is only an option in "rural" areas and probably not available to you.

If you are looking in Sonoma County, USDA is an option on homes selling up to $283,702. USDA does not require a down payment. Another consideration might be, conventional which requires at least 5% down; however, there will be mortgage insurance. Mortgage insurance on a conventional loan is much lower than on an FHA loan. Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Jamie and I have been lending nationwide since 1989. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you. Jamie Lynne - www.bartprequalifies.com - email Jamie@bartprequalifies.com - 800 315 8803