What are my options if I have no down payment, or only a small down payment?
FHA loans allow a minimum of 3.5% down and this down payment can be in the form of documented gift funds from a family member. Conventional loans may allow a minimum of 3% down, which can also be from documented gift funds from a family member. Using VA financing a qualified active service or veteran may receive 100% financing. The USDA Rural Housing program also allows 100% financing, though there are both geographic and income restrictions with this program. The amount financed may be reduced on all of these programs depending on the borrower(s) qualifying credit score.