Profile picture for jacqueli samake

yes..i cant afford 20% down payment..what are my other options?

  • May 15 2014 - Stratford Hills
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Answers (9)

Not a problem! Outside the Richmond area there are many properties eligible for USDA 100% financing

USDA Rural Loan Program - 100% Financing - 620+ Credit Scores 
To find properties eligible for USDA financing Google "USDA Property Eligibility" -> Property Eligible
or goto http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp

VA - 100% Financing - 640+ Credit Scores 

FHA - 96.5% Financing - 580+ Credit Scores

Conventional - 95% Financing - 640+ Credit Scores - No Monthly Mortgage Insurance/LPMI


Contact me if you have any questions about financing in Virginia 
  • May 20 2014
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Below are all the options I have available.  I work for a Bank and would be more than happy to help you with questions...

 JUMBO & SUPER JUMBO- 10% down
FHA-3.5% down
High-Balance Conforming- 5% down
Conforming- 5%
USDA-0% down
VA-0% down

Good Luck!

Steve
  • May 20 2014
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Fortunately, there are other loan options that can be done with down payments lower than 20%. Below I have listed popular loan options along with their requirements amongst lenders like myself.

FHA: 3.5%
Conventional: 5%-20%
VA: 0% (Must be a veteran)
USDA: 0% (Must be seeking a rural/USDA approved property)

The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • May 16 2014
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As you can see there are options out there for you. Your next step should be to speak with a loan officer (lender) and have your credit looked at and go over your current situation so we can put our heads together and see what options would work best for you!

Good luck and best wishes!
-Scott

  • May 16 2014
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We offer some great programs that you don't need 20% down with.
  • May 16 2014
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Profile picture for Ryan C. Sanford
Hello,

All good advice, but wanted to expand on the above a little; The USDA program is geographically limited to mostly rural property and there are income limitations. FHA is great product if you are wanting to put 3.5% down, but Mortgage Insurance will now stay with the life of the loan, or you can do VHDA FHA Plus but there are some income restrictions with this product and MI stays with this too. There are also grant programs to help with down payment assistance. The ways to go are: If you were ever in the Military and have your DD214 then you can do 100% financing with a VA loan, or go conventional and put 5% down and this way you avoid MI once you have 20% equity.  I know this a lot of information, but I recommend you talk to my lender, [promotional content removed by Zillow moderator] who will guide you to the best product for your needs, and not sell you the product that makes the lender the most in commissions, His cell number is [spam removed by Zillow moderator, see our Good Neighbor Policy] and can be reached day, weekends, and even after hours. Hope this helps!
  • May 15 2014
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You should start with the USDA Loan, I know it sounds like you are buying beef, but really it has to do with buying a house!

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=home@1

This will get you started - and if you are in the Seattle Area, I can find you a lender.  Please note:  the USDA loans are only available for certain areas in your state.  Please check the "property eligibility" as well.

Best of Luck!
~Debbie
  • May 15 2014
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You can look into USDA options that require 0% down. There are conventional options that only reqiure 5% down and FHA only requires 3.5% down. Let me know if you have any other questions that I could be of help for!
  • May 15 2014
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Profile picture for USMortgageRanger
You do not need 20% there are programs that have no down payment (USDA), 3.5% FHA and 5%+ on Conventional. So do not let this discourage you from applying today. [Removed by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • May 15 2014
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