Zero down payment mortgages are popular when there is a radical change in the home prices and the values are rising. Today a traditional mortgage requires at least a minimum down payment of 3-5% of the total price.
However there are still special programs that offer no down payment home loans to certain categories of citizens. The requirements are quite strict:
- You need to prove your solvency for the whole repayment period.
- Your credit score should be no less than 620.
Some programs even demand that you have a higher credit rating.
You can get a minimum down payment, if you get a loan from FHA (the Federal Housing Administration) or from private mortgage lenders. Mortgages with zero down payment are also provided by VA – the Department of Veterans Affairs, and USDA – the Department of Agriculture.
You can also look for the best available options on our website.