No Down Payment Home Mortgage

The home lending environment has gotten more difficult to navigate, but with the help of Nations Home Loans, you can still buy your dream home with little or nothing down.

For conventional loans, the minimum down payment is 5.00 percent of the purchase price.  For FHA loans, it is only 3.50 percent.  Keep in mind, that if you are putting down less than 20 percent you will either have to pay private mortgage insurance (PMI) or you will need to work with a lender that offers lender paid mortgage insurance (LPMI).  Mortgages with LPMI almost always have higher interest rates, so it is necessary to compare both options and figure out what makes the most sense.

Two options for buyers with little to put down are either a USDA mortgage or a VA mortgage. Both can be used to purchase a home with nothing down. USDA loans require the home to be in a rural area as defined by USDA and there are certain income restrictions. A VA mortgages are for veterans that were discharged under circumstances other than dishonorable.

Feel free to call or email us with any questions, or for advice on how to best meet your personal financial goals. As always, no high pressure sales or dishonest tactics. Just straight forward advice from seasoned professionals. We are currently licensed to lend in the state of New Jersey and Pennsylvania