Zillow Advice: Buying Process - do you always need down payment when your buying a house for the first time http://www.zillow.com/advice-thread/do-you-always-need-down-payment-when-your-buying-a-house-for-the-first-time/508301/ Zillow Advice | Zillow Real Estate If you are eligible for a ... http://www.zillow.com/advice-thread/do-you-always-need-down-payment-when-your-buying-a-house-for-the-first-time/508301/ 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.<br/><br/>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!<br/><br/>Good Luck! Tue, 27 Aug 2013 21:45:00 GMT http://www.zillow.com/advice-thread/do-you-always-need-down-payment-when-your-buying-a-house-for-the-first-time/508301/ 2013-08-27T21:45:00Z MN Housing has some down ... http://www.zillow.com/advice-thread/do-you-always-need-down-payment-when-your-buying-a-house-for-the-first-time/508301/ 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&nbsp;options. Sat, 24 Aug 2013 00:23:00 GMT http://www.zillow.com/advice-thread/do-you-always-need-down-payment-when-your-buying-a-house-for-the-first-time/508301/ 2013-08-24T00:23:00Z Fannie Mae and Freddie Mac ... http://www.zillow.com/advice-thread/do-you-always-need-down-payment-when-your-buying-a-house-for-the-first-time/508301/ <p style="text-align: right;">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.</p><p style="text-align: right;">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.<br/><br/>Go to this website to see properties eligible for Homepath mortgages.<br/>http://www.homepath.com/financing.html<br/><br/>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.</p> Fri, 23 Aug 2013 20:41:00 GMT http://www.zillow.com/advice-thread/do-you-always-need-down-payment-when-your-buying-a-house-for-the-first-time/508301/ 2013-08-23T20:41:00Z There are two types of loans ... http://www.zillow.com/advice-thread/do-you-always-need-down-payment-when-your-buying-a-house-for-the-first-time/508301/ There are two types of loans that are 0% down, VA loans if eligible and USDA (rural) loans with income limits and geographical limits.&nbsp;&nbsp; Occasionally there are local programs that will assist with down payments.<br/><br/>Otherwise, down payment comes from saving.&nbsp; It is prudent to save up down payment plus closing costs and an emergency fund before starting house shopping.<br/><br/>Good luck. Fri, 23 Aug 2013 20:23:00 GMT http://www.zillow.com/advice-thread/do-you-always-need-down-payment-when-your-buying-a-house-for-the-first-time/508301/ 2013-08-23T20:23:00Z