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Purchase a home with little or no money down!

July 21st, 2018 10:21 AM by Ken Morley

You don't need a large down payment to buy a home. Here are some examples of primary residence purchase programs with low to no down payment required: 

  1. HomeReady by Fannie Mae and Home Possible by Freddie Mac only require 3% of the purchase price as a down payment and will accept a middle credit score as low as 680.
  2. FHA Mortgages require 3.5% of the purchase price as a down payment and will accept a middle credit score of 580. These loans have more liberal credit requirements and allow for a higher debt to income ratio.
  3. USDA Loans offered by the US Department of Agriculture has no down payment requirement although the property must be classified in a rural area per the USDA eligibility map. Most require a middle credit score of 640 or above.
  4. VA loans require no down payment but are offered only to veterans and active duty military personnel. Most members of the military, including reservists as well as spouses of personnel who died while on active duty are eligible for this program. There is no down payment required and no set middle credit score requirement. Each is looked at on a case by case basis. 

There are additional guidelines/requirements that must be followed for each program above. The idea here is to let you know that a large down payment is not necessarily needed to purchase a primary residence so spread the word. If you’d like to explore your options simply give me a call at (303) 650-9400 or send an email to There is no cost or obligation.

Posted in:General
Posted by Ken Morley on July 21st, 2018 10:21 AM



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