If you are looking for a mortgage loan that does not require any down payment, you might be interested in the USDA loan. This is a program offered by the United States Department of Agriculture to help rural property owners buy a home.
Some of the benefits of the USDA loan are:
- You don't need to make any down payment (Some eligibility criteria may apply.)
- The seller can cover up to 6% of the closing costs
- You can use gift funds from a family member or a partner to pay for 100% of the closing costs
- You can qualify easily with a credit score of 620 or higher
At Mortgages by Richard, we make getting a home loan simple, smart and enjoyable.
Minimum FICO Score.
- 620 standard guides
- 640 with manual underwrite
- No down payment required
- Primary residence
- Upfront funding fee financed
- Annual fee required
- Up to 6% seller contribution