Home Buying in 98103>Question Details

cawalt13, Home Buyer in Seattle, WA

I live in Beresford SD and Im a first time homebuyer is there any zero down loans or any that you dont need a high down payment on

Asked by cawalt13, Seattle, WA Thu May 16, 2013

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Lowell Sterling’s answer
Yes there is the USDA program at 100% Loan to Value and FHA at 3.5% down payment and VA at 100%
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0 votes Thank Flag Link Thu May 16, 2013

As others have noted in thier responses, the VA has a zero down option if you have eligibility. Depending on where you want to live, USDA loans also have a zero down option for purchasing a home.

Alternatively, you can utilize the FHA and a family member can gift the entire 3.5% minimum down payment.

In Washington, you may also qualify for the Washington State Housing Financing Commissions Home Advantage program for home buyers. This program allows silent 2nd mortgage to cover the cost of your down payment up to $10K.

I hope this is helpful, if you have more questions please feel free to contact me directly.

Good Luck!

Jon Bruch
HomeStreet Bank
0 votes Thank Flag Link Fri May 17, 2013
As to the options mentioned:

1. USDA is only in the more rural areas, so you would be needing to look a fair distance outside of Seattle to have that be an option. Also, USDA loans tend to take longer, so you'd probably have little chance of getting a USDA offer accepted in an area with a hot market (areas closer to Seattle proper).

2. The state programs for buyer assistance tend to involve a second position deed of trust. That may involve more legal exposure than transactions involving a single deed of trust, because the non-judicial foreclosure of a first deed of trust will not discharge the amount owing a second position deed of trust unless the property sells for more than the amount owing on both (unlikely).

3. VA is probably the best of the low down options, particularly for disabled vets, but you need to be a vet to qualify.

4. And don't forget, FHA is only 3.5%, and the seller can help with other closing costs above that amount.
0 votes Thank Flag Link Fri May 17, 2013
Yes. Aside from the options listed below you also might qualify for down payment assistance programs. There are a few out there and their requirements might be a little rigorous, but it might prove worth it. However, it is NOT free money like many think it is. Feel free to reach out to learn more.
0 votes Thank Flag Link Thu May 16, 2013

USDA loans are zero down along with a few state sponsered programs; there are options to buy without a down payment.

Please contact me directly for more details 206-.501-7837 phoebe@SheSellsSeattle.com; you can find all available properties for sale in the Seattle area at http://www.SheSellsSeattle.com

Don't hesitae to call me with any real estate questions; I am never too busy to help!

0 votes Thank Flag Link Thu May 16, 2013
If you're a veteran, VA offers a zero-down loan. FHA has a 3.5% down payment loan, but the payment may be gifted to you by a family member. FHA & VA loans have the same terms & conditions no matter which lender you choose. Good luck.
0 votes Thank Flag Link Thu May 16, 2013
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