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How to get loan with minimum down payment?

I've got very good income, can save good money every month, but don't have much for the down payment at this moment, but want to make use of the low interest rate. Is there a way to get a loan with very low down payment ? how much minimum i need to have for down + closing + buffer in terms of percentage?
  • June 14 2012 - Ashburn
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Answers (4)

Profile picture for BJRP
Thanks Eric & James, Is there any projected % on the interest rate by end of 2012 ?
  • June 14 2012
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Profile picture for E4Realty

Not an expert in the lending department, but myself and lender have helped clients purchase a home through the the FHA Plus loan program. 

This VHDA-financed FHA-insured home loan includes a second mortgage designed to help qualified borrowers who need down payment and closing costs assistance.  There is certain eligibility requirements that need to be meet.

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Happy to get you in touch with a lender or feel free to get in touch with James for more details and to see if you qualify - can't guarantee this program will work for you, but always an option.

Thanks!
  • June 14 2012
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Good morning, BJRP,

The Veterans Admin allows no down if you served or are serving in the US Military. USDA offers no down loans in certain zip codes through their Rural Development loan programs.
After these options, FHA is the next lowest, with a 3.5% requirement. Due to lawmakers in Washington, however, FHA has increased the monthly MI required with an FHA loan in order to pay the payroll tax cut extensions. New home purchasers bear this added burden.
Then, 5% down for Fannie and Freddie is now available due to PMI companies lowering rates and qualfying many parts of the country for the 5% down programs.
Closing costs vary significantly between states and even local governments. In VA, if you plan for 2-3% for closing, you should be spot on. Remember, who pays for closing costs is negotiable, with most lending programs allowing up to 6% seller concessions.
I know of no loan programs for purchase money loans that allow closing costs to be rolled into the loan. I doubt seriously they exist since the market disturbances a few years ago.
However, perhaps Eric is offering part of his commissions to help you close your loan?

Warm regards and a big smile, Jim

  • June 14 2012
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There are several different loan programs that require minimum to no down payment - even cases where closing costs can be rolled into the loan.  Feel free to contact me through my profile and I will get in you touch great lender who can help determine if you qualify for these programs and help guide you through the process.

Thanks!

  • June 14 2012
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