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Three Ways to Buy a Home with ZERO Down Payment from Mike Novak on Vimeo.

How to Buy a Home with 0% Down

Buying a home is a great financial investment - It definitely beats renting! It’s also a huge purchase - for most, it’s the largest purchase they’ll ever make, which seems intimidating.

The question is, if you haven’t saved 15-20% to put down on your home, should you still think about buying? Of course you should! There are programs in place that will help you get there. We’ve helped many buyers get into the perfect Snohomish County home, without them having to do too much damage to their bank account. In certain cases, actually, you can get into a home with no down payment at all!

Don’t wait till that kind of capital builds up, when there may be a better option. Here’s three ways you can buy your home today, without a down payment.

Washington Down Payment Assistance Program

The Washington government has offered some assistance here, in the form of the Down Payment Assistance Program (DPA). Basically, it’s a different way to finance that down payment so that you won’t have to pay it right off the bat. We’ve helped our buyers use it quite a few times and seen some great results.

As for requirements, the DPA program requires that you have a 620 credit score and can only be used when buying a home valued at $667,000 or below.

USDA Loan

There are some incentives offered by the USDA to populate more rural areas. In Washington, you’ll qualify for this type of loan anywhere east of highway 9 and north of Stanwood (excluding some areas around Bellingham). In addition to those location requirements, you should know that there’s an up front loan fee and a 620 credit score requirement. Still, if you qualify, it's a great way to get into a home with nothing down!

Check out our communities page here to find some of those areas and some great houses located there. We’d love to help you find the right fit.

VA Loan

This is one of the strongest options, and also the most heavily restricted.

If you’ve met the VA loan requirements through your service, you’ll receive the benefit of this loan, where you can purchase a home with no down payment and also avoid paying mortgage insurance - saving you hundreds of dollars on your payment each month.

Different Mortgage Programs

It’s important to understand exactly what type and amount of financing you’ll qualify for before you go looking for a home. Here’s a few other guides we’ve published that will help you out in this critical step:

  • What it Takes to Get a Mortgage in 2018

  • Is Getting a Mortgage Still Too Difficult?

  • Why You Should Schedule a Buyers Consultation

We’d love to help you out through this entire process! Our strategy is to get with our clients as far in advance as possible, before they go out looking for homes. We can connect you with a credible lender and offer you free research and expertise on the current market. The better the preparation, the better prepared we’ll be to negotiate you a great deal on the perfect home. Be sure to get in touch below!