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do you always need down payment when your buying a house for the first time

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August 23 2013 - Beltsville
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If you are eligible for a USDA loan or a VA loan, then it is possible to not need a down payment. Chances are you may not be a veteran or searching for a rural development home, which are the requirements for a USDA and VA loan, there are other helpful options. For example, an FHA loan is geared towards first time home-buyers that only requires 3.5% down which is a relatively small amount. There are also community programs that will help pay for 3% of a down payment so you should look into that.

I hope this helps! If you have any further question or if you would like a loan, feel free to contact me. Also, if you found this comment helpful, please leave me a review!

Good Luck!
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August 27 2013
MN Housing has some down payment assistance programs which may require less than $500.00 for the buyer's contribution (must meet guidelines to qualify.) Otherwise Wetdogs is correct, VA and USDA are other great options.
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August 23 2013

Fannie Mae and Freddie Mac offer 5% down mortgages. The FHA's main product requires just 3.5% down. And, via the VA and USDA, qualifying home buyers can buy with no downpayment at all.

There's an additional low-downpayment program, too, and it's known as the Conventional 97. Conventional 97 is a Fannie Mae-backed product which allows for a 3 percent downpayment, ultra-low mortgage insurance rates, and a 100% gift from blood or by-marriage relatives.

Go to this website to see properties eligible for Homepath mortgages.
http://www.homepath.com/financing.html

Homepath allows you to buy for 3% down and the loan does not allow mortgage insurance, so you finance 97% all under one loan with no MI payment.

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August 23 2013
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There are two types of loans that are 0% down, VA loans if eligible and USDA (rural) loans with income limits and geographical limits.   Occasionally there are local programs that will assist with down payments.

Otherwise, down payment comes from saving.  It is prudent to save up down payment plus closing costs and an emergency fund before starting house shopping.

Good luck.
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August 23 2013
 
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do you always need down payment when your buying a house for the first time
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August 27 2013 | 4 answers
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