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100% Financing and Down Payment Assistance Programs

We don’t think that saving for a down payment should be the reason you put your dreams on hold. We can help you buy your dream home with little or even no down payment. You’ll not only be able to afford a home sooner, you’ll probably be able to afford more home. With these programs, the amount of loan you can qualify for is determined by your ability to make your monthly payments rather than how large a down payment you’ve saved. And, for most buyers, this means qualifying for a larger loan.

Let us help you explore all your mortgage options. We look forward to helping you!

USDA Rural Development Loans

Rural Development Loans or Section 502 loans are primarily used to help low and middle income individuals or households purchase homes in rural areas.  Applicants for loans may have an income of up to 115% of the median income for the area.  Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories.

Loans are for 30 years. There is no required down payment. The lender must also determine repayment feasibility, using ratios of repayment (gross) income to PITI and to total family debt. This is a great loan for first time home buyers and repeat buyers alike. No Mortgage insurance is required and the interest rates are comparable to conventional or FHA financing.This program is limited to homes in non-urban areas and income limits apply.

CHFA Loans

CHFA Loans are a great way for 1st time home buyers and repeat buyers to purchase a home. CHFA Loans are provided by the state to assist buyers with their down payment requirements. The down payment assistance takes the form of a small second mortgage ranging from 3%-3.5% of the home's sales price and is repayable over 10-30 years. The down payment is compatible with FHA loans, VA Loans and USDA Rural Development Loans. These loans have very competitive interest rates and have limits on the fees that you are allowed to pay. 

In order to qualify you must complete a HUD approved first time home buyers course or money management course if you are a repeat buyer. CHFA also requires that you have a minimum investment of $1000 in the transaction. Credit requirements are a little more lenient than conventional or FHA mortgages and CHFA also allows for non-traditional credit. Not all lenders are approved to do CHFA Loans and we take great pride in our blessing from CHFA to provide home owners with these types of home loans. 

HUD $100 Down Payment Program

This HUD program was designed to help homeowners purchase HUD owned properties with very little down. All applicants must be pre-qualified and go through a bidding process to purchase the home. Please speak to your real estate agent to find the location of these properties and make sure they're familiar with the HUD home buying process.

In order to qualify for this program you must obtain FHA financing, the only difference being that the required down payment is reduced from 3.5% to $100. All other FHA guidelines apply.This program can also be combined with an FHA Renovation Loan to take care of any repairs or to make upgrades to the property.

Using a gift for your down payment

For many buyers, especially first time buyers, saving up the funds for the down payment can be a seemingly insurmountable hurdle to home ownership. One way to fund a down payment is by using a gift. For many loan programs, a gift may be used for a portion or all of the required down payment. Money given as a gift for a down payment can’t come from anyone. Family members are the usual source. And sometimes an employer may also be acceptable. If this is an option open to you, please let me know. I can help you determine which loan programs accept gift funds for down payments and who may give the gift. I’ll also supply the gift letter that the person giving the gift is required to sign. The gift letter states that the funds are a gift and will not be paid back.

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