Low or No Down Payment Loans

FHA Loans

FHA loans are insured by the Federal Housing Administration. They allow homebuyers to finance homes with low down payments and are a good option for first-time homebuyers who may not have a large down payment or bruised credit. First-time homebuyer loans include:

• Financing a primary residence
• Low down payment
• Single-family homes, multifamily housing, condominiums or manufactured homes on permanent structures
• Streamline refinancing available
• Renovation loans
• Bankruptcy older than 24 months
• Credit scores as low as 600

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USDA Loans

A USDA loan is a U.S. Department of Agriculture loan, often referred to as a Rural Housing Loan, offering zero-down payment for those who wish to purchase in an eligible rural area.

• For primary residences only — single-family residences and approved condominium units
• Credit scores as low as 620
• Low private mortgage insurance (PMI) fees (PMI is generally needed when you have a down payment of less than 20%)
• Cannot own additional real estate

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VA Loans

VA loans are a no-down-payment mortgage option available to qualified veterans, service members and select military spouses. They are guaranteed by the U.S. Department of Veterans Affairs.

• No down payment
• Finance up to 100 percent of a home’s value
• 1–4-unit owner-occupied residences and approved condominium units
• No monthly private mortgage insurance (PMI) usually charged if you don’t have 20% down
• Funding fee can be financed (funding fee may be waived if you are an exempt veteran as determined by your Certificate of Eligibility)
• The funding fee is a percentage of your loan amount charged by the VA as a one-time fee that guarantees the loan in case of default
• Stable, reliable income requirements with enough left over for typical needs such as food and transportation
• Credit scores as low as 600
• Streamline refinances available — Interest Rate Reduction Refinance Loan (IRRRL)
• Maximum loan limits apply

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WHEDA Loans

WHEDA loans are offered by the Wisconsin Housing and Economic Development Authority loan. These special 30-year fixed-rate loans with low down payment requirements to those who qualify.

• Fixed-rate mortgage
• Low down payment
• EZ Close second mortgage available to finance some or all your down payment
• Homebuyer education
• Single-family primary residence requires only 3% down
• 2–4-unit primary residence requires only 5% down
• Available with standard or reduced-rate private mortgage insurance (PMI) fees
• Income and purchase price limits apply
• “Special” rates for first-time homebuyers with qualifying income
• You can own other real estate

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