Most new home loan purchase programs that were once available with no money down have now gone the way of the dinosaur. However, if you meet eligibility requirements, there are still a few programs that allow a home purchase with little or no up-front money paid out of pocket.

To view the advantages, disadvantages or qualifying criteria for any of these products go to LOAN PROGRAMS.


100% Veterans Administration (VA) Purchase Loans

If you or a spouse are an eligible veteran, you may take advantage of military service benefits by using the Veterans Administration 100% Purchase Loan Program. This program affords eligible veterans a flexibility that is unavailable in the conventional loan market. A borrower with some history of credit issues may still be approved under this program. If you are tight on cash, you can even structure a purchase agreement to allow a home seller to pay all closing costs and settlement fees. 100% veterans loans make it possible for you to conclude a loan closing and keep every penny of your cash in your own pocket.

For more information, loan limits and eligibility requirements, go to the Loan Products link and choose VA Loans.


100% USDA Rural Development Purchase Loans

If you are flexible as to the location of your new home, the USDA Rural Development (RD) purchase loan may be your best option. This program was designed to promote home ownership in rural areas. If you don't want to live on a farm, that's OK, you might be surprised what communities the USDA deems to be rural. Communities and suburbs of major metropolitan areas that have populations of 20,000 or less may qualify as eligible RD areas.

Like VA loan products, RD loan underwriting affords more flexibility than conventional loans. Prior credit issues may not disqualify a buyer. The RD loan will also allow a home seller to pay all of the buyer's closing and settlement costs. A unique feature of the RD loan is that a home seller can pay off a buyer's debts, to help qualify them for the RD loan.

RD Loans can be used to purchase an existing property, build a new home, or purchase a qualifiable manufactured home.

For more information about RD loans, including the maximum income levels, loan limits and property eligibility requirements, click on Loan Products link and choose RD Loans.