What loan program has the lowest down payment requirements for borrowers with good credit?

If you live in a rural area, then you can go USDA no money down. IF not in a designated area, FHA is the second best option at 3.5% down.

An FHA loan only requires 3.5% down. I am happy to discuss your loan options with you

I believe Edmonds qualifies for the USDA program which is no down payment, but there are income limitations. Please let me know if I can assist you further with this...Thank you!Best Regards,Lorne

I believe your area qualifies for the USDA Rural Development loan program. Please let me know if I can be of any further assistance.Best Regards,Lorne

AS stated, USDA, VA, and also HOMEPATH .. 3% down, no appraisal.. and i can do your state.. linda yourloanpartnerforlife@live.com

If you are a veteran or active service member, a VA loan does not have a down payment requirement. If you meet both income requirements and the home you are planning on buying meets property requirements, a USDA loan also requires 0 down. Finally, there is an FHA loan, which only requires 3.5% down.

If you have good credit we are seeing conventional Fannie Mae 3% down as a resurrected great option if you don't qualify for USDA or VA. It's actually become cheaper than FHA in terms of the mortgage insurance as well. I am located here in the Seattle area. Let me know if I can help.

Whichever program you decide, be sure and look at the various options. FHA my require only 3.5% down, but sometimes, depending on credit a 5% down conventional is a much better way to go with very little additional down payment. Have your loan officer look at monthly mortgage insurance, split mortgage insurance and single pay mortgage insurance.Whatever you decide to do, be sure you have someone on your side that knows the programs and the best way for you to do in your individual circumstances. That means they will need to know exactly what your credit is, how much your total household income is and how much you have available for down payment and closing costs. USDA is an exceptionally good program, but be prepared for increased time on it and geographical and income limitations. VA (for veterans and active duty military) is most likely the best program for low/no down payment. Fannie Mae Homepath is a good way to go but it is only available on the homes that Fannie Mae owns.I would be happy to help you, feel free to contact me anytime you like.

Whatever you decide, keep in mind there are a lot of options now. Yes, FHA offers 3.5% down, USDA offers no down and VA is a no down program. However, USDA takes longer to get done due to their procedures and have income and geographic restrictions. VA requires you to be a veteran or active duty or, in some cases, reserves or national guard service.Conventional (Fannie Mae & Freddie Mac) can be viable options with as little as 5% down in most cases. 3% is available, but tougher to get done sometimes. When deciding who to work with, remember that no one can quote a rate or program effectively without having your actual mortgage credit score, gross monthly income and amount available for down payment and closing costs. Length of time on the job, total household income and other factors will play into the quote. We are a community property state, so if you are married, the credit and debts of your spouse will also be considered. Lots of things to consider. Call me if you have questions, I am available to assist.

FHA would probably be your best options, sometimes specific cities provide you with secondary mortgages to cover the difference, you should contact a local mortgage broker and ask them about government assisted programs.

As others have stated, VA or a USDA "Rural Development" loan are the best option for those people and locations that qualify. Otherwise, for well qualified borrowers we offer a conventional loan with 3% downpayment, slightly better than the 3.5% for FHA.