Loan types with no down payment requirements include VA, USDA, and other state-sponsored loan programs. Here are some states that Direct Mortgage, Corp. works with and links to their Loan Program Details.
Utah Housing Corp 100% Financing
Many States have created Housing Authority’s that assist with 100% Loans. Each State that offers these loans have different requirements. You will often need to register and take a course for First Time Home Buyer Education to qualify. These are usually supported by State Sponsored Grants and Legislation. This is a great option for First Time Home Buyers looking to Purchase a house with little or No Money Down.
The U.S. Department of Agriculture offers a mortgage guarantee program for those who choose to buy in designated rural areas. The required Down Payment can be as low as $0.00. You also have to meet income requirements and, in some cases, be a first-time homebuyer. Additionally, there are limited funds for this program, which are dispersed on a first-come, first-serve basis.
Like most government-backed loan programs, you get the loan from us here at Direct Mortgage, Corp. then the USDA guarantees the loan. There is an upfront guarantee fee that is added to the loan cost and can be rolled into the balance.
“I had a great experience with Direct Mortgage from start to finish.”
Phil MartinezDesigner, Owl Eyes
If you qualify for a loan backed by the U.S. Department of Veterans Affairs, it’s possible to buy a home with no money down. You get the loan from us here at Direct Mortgage, Corp. and the VA Guarantees it.
There is no mortgage insurance with a VA loan, but you do have to pay an upfront funding fee. You can reduce the funding fee by making a down payment, but no down payment is actually needed. You can place the funding fee into the loan amount.
“I had a great experience with Direct Mortgage from start to finish.”
Phil MartinezDesigner, Owl Eyes
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