I didn't mention the WSHFC programs, because I'm not a fan.
The Washington State Housing Finance Commission will lend the down payment on FHA loans to qualified buyers. Check them out.
And of course VA
Thanks for your answers
Good luck to you in any case,
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Check with Key Bank. They had loan program that offered 0 down if you met the income and location requirements. This was not a rural location loan, but one based on average income in a community.
Other than that VA or USDA are the main ones.
You might call Cristie Stapp at Guild Mortgage in Seattle. She has many loan options and could further assist you. Her number is 206-378-4493.
Going to a mortgage broker / lender direct is your best option. Good luck.
Like everyone said, there is no zero-down payment at this moment. However, you have a few options.
1. 3% Home Path Financing
If you buy a bank-owned property from Fannie or Fedddie, you are qualified for this loan program. It is not available for other bank-owned properties, short sales, or regular sale.
For more information, please go to http://www.homepath.com/financing.html. You can also find Fannie owned homes with the website.
2. 3.5% FHA-insured mortgage
This loan is also known as FHA loan. FHA loan is to encourage first time home buyers to establish their home-ownership. Thus, Federal Government insures the investors to make low down payment to purchase owner-occupied properties.
However, you do need to pay mortgage insurance for this financing option. The bad news is that the insurance fee is going up in April 2013, that is in a few days. If you are qualified for other financing options. you should avoid this.
3. WA State Down Payment Assistance Program.
This is the closest alternative to zero down payment. That is you take out a second loan to pay for your down payment. You still have to pay it back (Of Course!!!) But the program is initiated by Washington State House Finance Commission, so it is to help you become a home owner.
You have meet certain criteria to be qualified for this program. For more information, please visit: http://www.wshfc.org/buyers/downpayment.htm
I frequently work with First Time Home Buyers and host periodic workshops for first time home buyers. That is why I can tell you more than just "No there is no Zero down!!" If you need any help, I would be happy to assist you. Even if you are not settled to buy, you are welcome to my workshop!!
To find home, save your search, and set up listing alert, visit http://www.seattlesweethomesearch.com/
Contact a Seattle-area mortgage broker, like Guild Mortgage in Bellevue. Mortgage brokers have access to a wider variety of loan products. Guild is one of the largest mortgage brokers and they offer a wide variety of loan products. It's possible they could locate a zero-down mortgage for you. Good luck.
Although zero down loans are not available, you may have as little as 3.5% down for some loans. If you shoot me an email, I can recommend a couple of brokers who can give you personalized information and answer all of your questions. Learning about mortgage and preparing for pre-approval is a very important step to take when you're beginning your home search. I hope his was helpful, feel free to email me if you have more questions. Amandathom@cbbain.com
Unfortunately, zero down loans are mostly a thing of the past, although I wouldn't be surprised if they make a comeback someday. You do have some options to look into though..
-One true zero down loan that does still exist is a VA loan, for veterans.
-There are state bond programs for first time home buyers that help with downpayment assistance. This is usually done as a 2nd mortgage that is payable upon resell or refinance of the home. There are income limits with this and you have to attend a first time home buyer class.
I would recommend talking to an experienced mortgage broker to see what options you may have if you are considering buying a home for the first time. I have many knowledgable and experience mortgage brokers I can connect you with if you are interested. Thanks and good luck!