stephen webb…, Real Estate Pro in Kirkland, WA

Are there no money down loans for first time home buyers?

Asked by stephen webber, Kirkland, WA Thu Mar 28, 2013

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NWLoanGroup, , Poulsbo, WA
Thu Feb 20, 2014
As some of the other members here have stated, the 2 most popular no money down options are VA and USDA. The VA loan is eligible only to active duty or former military members and their spouse. The USDA mortgage option is available in certain areas, you view a map of the areas this program is available by clicking here and selecting a county in which you are shopping in
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Kary Krismer, Agent, Renton, WA
Fri May 31, 2013
USDA is not available in the Seattle area, only the outlying areas. Even if it were, such buyers would have a hard time in multiple offer situations.

I didn't mention the WSHFC programs, because I'm not a fan.…
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stephen webb…, Agent, Kirkland, WA
Thu May 30, 2013
Some of you had part of the answer correct but no one described all of the options. The USDA is fast becoming a hot item for Seattle Met, and out lying areas. Growth is expanding into more USDA. Have a look at the map. Marysville, Duvall, east Redmond, Maple Valley etc.

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
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Jirius Isaac, Agent, Kenmore, WA
Thu Mar 28, 2013
As already stated by others there are VA & USDA loans with no down payment. As a loan officer & a real estate broker, I would be happy to discuss these options in detail with you and show you the areas for USDA that will work. Please just contact me directly.

Good luck to you in any case,
Jirius Isaac
Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
Winner of Seattle Magazines 5 Star
Real Estate Agent Best in Client Satisfaction Award
Mortgage Loan Originator Best in Client Satisfaction
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Dan Tabit, Agent, Issaquah, WA
Thu Mar 28, 2013
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.
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Jane Maxson, Agent, Seattle, WA
Thu Mar 28, 2013
Hi Stephen.
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.
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Johan Tong, Agent, Seattle, WA
Thu Mar 28, 2013
Hi Stephen,

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 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:

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!!

Best Regards,


To find home, save your search, and set up listing alert, visit
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Danny Greco, Agent, Seattle, WA
Thu Mar 28, 2013
There are a few programs out there, yes. It depends what you can qualify for though. Feel free to reach out to me.
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Kary Krismer, Agent, Renton, WA
Thu Mar 28, 2013
In addition to VA, there's also USDA loans, but those are limited to rural areas.
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Ray Akers, Agent, Seattle, WA
Thu Mar 28, 2013
I was just reading that zero-down loans are making a come-back. Although I have yet to hear of any lender offering zero-down loans in Seattle. If you're a veteran, your VA benefits entitle you to a special zero-down loan program. Of course, FHA is a very popular loan program and the required down payment is 3.5%. (With FHA or VA, the seller may pay the borrowers closing costs and points.)

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.
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Amanda Thom, , Seattle, WA
Thu Mar 28, 2013
Hi Stephen,
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.
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Michael Cope…, Agent, Seattle, WA
Thu Mar 28, 2013
Hi Stephen,

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!

Michael Copeland
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Dave Skow, Mortgage Broker Or Lender, Seattle, WA
Thu Mar 28, 2013
no , not unless you are eligible for a VA loan
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