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USDA vs FHA with seller pays closing?

We don't have any money to put down. We have not been putting much aside because we intended on the USDA loan, and have a small savings for reserves. I heard recently I COULD possibly qualify for FHA 0% down, and the seller of the house we want has already agreed to pay closing. Is no money down for FHA possible?

by brifi_constructio... from Americus, Georgia. Apr 14th 2014 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

No.. FHA does not have a ZERO down program.. FHA requires 3.5% down payment, and they allow the down payment to be gifted.. So there might be some "Down Payment Assistance Programs" in your area that you're hearing about.. If you contact a local mortgage broker or real estate agent, they should be familiar with the local DPA programs in your area.. don't call the local bank or one of those internet / nation wide lenders.. they will have no clue as to the specific programs that might help you.. 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

Apr 14th 2014
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Briggs Cline (bcline_154_679)
#59 ranked lender in Georgia - 55 contributions

FHA has a minimum down payment of 3.5%. However, for a property in Georgia - you could possibly use the "Georgia Dream Program" for sourcing the down payment. Its an FHA loan but the down payment comes from Georgia Dream. Happy to talk to you about it further. Local Atlanta Lender - www.buckheadhomeloans.com. Briggs Cline. 404-303-7411

Apr 14th 2014
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Sean Young (SeanYoung)
#1 ranked lender in Colorado - 1,112 contributions

USDA is 100% and the seller can pay towards your closing costs. FHA requires a 3.5% down payment, but if you qualify you may be eligible for the Georgia Down Payment Assistance Program at http://www.gadream.com/

Apr 15th 2014
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