Zillow Advice: Mortgage - Is it possible to get a loan with minimum money down? http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ Zillow Advice | Zillow Real Estate FHA financing alows for 3.5% ... http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ FHA financing alows for 3.5% down, there are no 0% down loans available, but with seller contributions and gift funds you could very well be at 0% down. Fri, 15 Oct 2010 03:31:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ 2010-10-15T03:31:00Z The other&nbsp;answers are ... http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ The other&nbsp;answers are more or less correct. The "best rates" require 20-25% down. However, historically low rates are available even with 3.5% down with FHA / VA programs.&nbsp; You can get these through Trident, Wells, First American, Bank of America.&nbsp; Fri, 15 Oct 2010 02:51:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ 2010-10-15T02:51:00Z From your area it doesn't ... http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ From your area it doesn't seem that you would be in a rural area, but you should check.&nbsp; The most common option being used today is the FHA loan with 3.5% down.&nbsp; <br/><br/>Simon Mills<br/>Mills Realty Wed, 04 Aug 2010 01:29:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ 2010-08-04T01:29:00Z As previous posts have mentioned, ... http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ As previous posts have mentioned, USDA (restrictions apply) and VA (military service) offer 0% down options. FHA requires minimum 3.5%. Homepath can be had with as little as 3% down, but is only available for Fannie Mae foreclosures. Good Hunting! Wed, 04 Aug 2010 01:19:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ 2010-08-04T01:19:00Z "The Federal Government through ... http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ <strong><em>"The Federal Government through the Federal Housing Authority..."<br/></em></strong><br/>There's a Federal Housing Authority??? Tue, 03 Aug 2010 23:07:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ 2010-08-03T23:07:00Z Depending upon your circumstances ... http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ Depending upon your circumstances and the type of property you are looking to buy, there are several options for 0 - 3.5% down financing.&nbsp; If you are a veteran, VA financing can be as low as 0 down.&nbsp; FHA offers financing as low as 3.5% down.&nbsp; Fannie Mae also has a Home Path program on certain properties with as little as 3% down and no mortgage insurance. Tue, 03 Aug 2010 17:17:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ 2010-08-03T17:17:00Z The programs mentioned by ... http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ <div style="text-align: right;">The programs mentioned by other contributors are great options for typical financing. &nbsp;Sometimes you are not in a rural area to qualify for the USDA program but you don't quite have the 3.5% to put down. &nbsp;So then what?<br/><br/>Check out HUD's website for a list of local home buying programs. &nbsp;HUD does a great job of listing all the programs available in each state that offer additional assistance for buying a home with little to no money down.<br/><br/>I see you are in Philadelphia. &nbsp;Here is the link to the Pennsylvania housing page on HUD's site:<br/>http://www.hud.gov/local/pa/homeownership/buyingprgms.cfm<br/><br/>I went a step further and pulled up Philadelphia which took me to another site - The Philadelphia Office of Housing and Community Development. &nbsp;On this site they have a link to HomeOwnership Programs. &nbsp;On that site they provide details about a program that offers up to $10,000 for the purchase of a home. &nbsp;Check it out at this link:<br/>http://www.phila.gov/ohcd/homeownershipprograms.htm<br/><br/>Most of these programs are combined with typical FHA type financing but allow you to borrower the 3.5% that is required to put down. &nbsp;Typically these assistance programs are offered at below market interest rates with very attractive terms.<br/><br/>Good luck!</div> Tue, 03 Aug 2010 13:13:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ 2010-08-03T13:13:00Z You can use the USDA program. ... http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ You can use the USDA program. It just got more funding and approved by Congress. No down payment and no PMI. Tue, 03 Aug 2010 02:46:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ 2010-08-03T02:46:00Z USDA = 0 % down paymentNO ... http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ <p>USDA = 0 % down payment<br/>NO PMI<br/>3.5% Funding Fee Financed<br/>Minimum credit score of 620<br/>Debt to Income Ratios of less than 50% for clients above 660.<br/>Maximum Loan Amount: $417k<br/><br/>This is THE loan to pursue, only a few banks are funding these right now as USDA is presently broke. If you can't qualify for this home whether it be you make too much money or the home isnt eligible due to location, go FHA<br/><br/><br/>FHA: 3.5 Down Payment<br/>Monthly PMI<br/>2.25% Financed Fee<br/>Max DTI of 55%<br/>Minimum Credit of 620<br/>Max Loan County Dependent<br/><br/><br/>Both allow gift funds.</p> Tue, 03 Aug 2010 02:25:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ 2010-08-03T02:25:00Z Another option for low money ... http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ Another option for low money down loans is a USDA loan, otherwise know as Rural Development loans - there is even a zero down option in my area Spokane WA - &nbsp;the physical location of the property is the critical qualifier for the loan essentialy not in developed areas.<br/><br/>Here is a link to the national site info<br/><a href="http://www.rurdev.usda.gov/HAD-HCFPLoans.html" rel="nofollow">http://www.rurdev.usda.gov/HAD-HCFPLoans.html</a>&nbsp;but I believe the best way to check this out is by tracking down a lender who does this type of loan.&nbsp; Tue, 03 Aug 2010 01:51:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-with-minimum-money-down/360546/ 2010-08-03T01:51:00Z