What loans offer the lowest down payments?

Veterans with VA loan eligibility can qualify with no money down. Certain homes in designated rural areas can qualify for USDA no down loans. Certain homes owned by Fannie Mae and Freddie Mac can qualify with 3% down, and as little as 5% down on most all others. If you are a first time homebuyer and your debt servicing ratios are above 35%, you may want to look at FHA which only requires 3.5% down. FHA is good for many first time homebuyers because the underwriting guidelines are a little more flexible than conventional loans. To find out what you can qualify for and which program works best for you, work with a local Mortgage Banker/Broker. You can find a well qualified Mortgage Professional in your area by using the find a lender link at the National Association of Mortgage Professionals at www.NAMB.org. As members, we are held to a stringent code of ethics that truly set us apart. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Most loans require a down payment... but depending on your personal situation, you may be able to obtain a zero down loan (like a VA loan, or a USDA loan). You need to let a local, licensed, non-bank Loan Officer review your personal situation. Go to www.StPaul-Mortgage.com for more local MN information.

If you qualify for a VA loan or a USDA loan, they do not require a down payment. You may also purchase a home with an FHA loan with only 3.5% down payment. Contact a lender in your area to find which of the programs you would be eligible for.

You may purchase a HUD owned home for as little as $100 down. Here is a link to search for properties. http://www.hudhomestore.com/Home/Index.aspx

VA has 100% loans, FHA has 97.5%, USDA has 100% or even conventional financing with Mortgage Insurance has 97% financing..... It all depends on your area and what program will meet your needs. Since you are in MN I can recommend an excellent loan broker that can acquire you the best loan for your needs. You must have fairly good credit to get the lower down payment programs and all have 30 year terms just like you are looking for. Good luck on your search! Kevin Prince, SVP, Liberty One AMC kprince@liberty1amc.com 858-926-8904

These are all great answers. I would suggest contacting a local mortgage lender. Many states offer different types of down payment assistance or bond programs which allow for you to bring a minimal amount to the closing table if you do not qualify for the VA program or cannot come up with 3.5% for FHA's requirement.

As you see from above, the minimum could be as little as 0 down up to 3-3.5% of the purchase price. Remember that even if it is a 0 down option you will still probably have out of pocket costs for earnest money deposit, home inspection and most lenders will collect money from you upfront to pay for the appraisal (typically $350-450). Money in the bank always helps make for a stronger application.

It depends on your individual situation.... If you are a Vet, you can get a zero down VA loan. If you want to buy a house out-side the metro area, you can get a zero down payment USDA loan. Your standard FHA loan is just 3.5% down. Visit www.MNBestRates.com or call me at 651-552-3681 - My Office is in St Paul.

If you are looking to purchase your first home the FHA has a minimum down payment of just 3.5 percent. Give me a call at 763-400-7531 and we can discuss some options.