You may qualify to buy a home with zero down through special lender and government loans.
It may sound too good to be true but there are numerous ways to buy a home with no down payment. Some are custom programs, like the Consumers loans designed for public service workers and medical professionals. Others are sponsored by the government. If you qualify for a zero-down mortgage, taking advantage of one of these programs can help you get into the home of your dreams sooner rather than later.
No or low down payment home loans for public service workers and medical professionals
If you’re a Consumers member and work in public service you may be eligible for a mortgage loan with 0% down and no PMI. At Your Service home loans are available to full-time police officers, firefighters, EMS workers, teachers and RNs.
Another option is an Advanced Medical Mortgage. This program is designed for Consumers members who are full-time MDs, DOs, PAs, NPs, CRNAs and DMDs. It provides home loans with 0% down and no PMI for loans up to $750,000, or just 5% down for loans over $750,000. An added benefit of an Advanced Medical Mortgage is that student loan payments are excluded from your debt-to-income ratio.
Zero-down home loans through government programs
In addition to customized loans from lenders like Consumers, some government programs help folks buy a home with zero down.
VA loans are available for veterans, service members and eligible surviving spouses.
USDA loans through the Single Family Housing Guaranteed Loan program for low- and moderate-income buyers
Also, Michigan’s 10K Down Payment Assistance Program helps homebuyers with low and moderate incomes with an interest-free loan of up to $10,000. The funds may be used for a down payment, closing costs and prepaid expenses. Repayment of the loan is deferred until one of the following happens: the first mortgage is paid off, the home is sold or refinanced or the home is no longer owner-occupied.
Get your home loan questions answered
If you’d like to know more about Consumers 0% down mortgages or any of our home loans, call us at 800.991.2221 or reach out to one of our mortgage loan officers.
All loans subject to approval. Rates, terms, and conditions are subject to change may vary based on credit worthiness, qualifications, and collateral conditions.