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How To Buy A House With A Low Down Payment

There are quite a few options available still for little to no down payment.

The Washington State Housing Finance Commission has a program called Home Advantage.   that is a zero down program.   This program can be used for  a single family home, condo or manufactured home.  This loan program that many lenders use to help a homebuyers purchase their home at a good interest rate.  Your lender will qualify you on a typical 30-year mortgage loan program using our interest rate.  This program can also offer downpayment assistance up to 4% of the first mortgage loan amount.  The home advantage program has income limitations.  You can view these on the Washington State Housing Finance Commission web page.   You do not need to be a first time homebuyer to take part in this program.

VA – Veterans Affairs  Guarantees no down  purchase mortgages for Veterans -this loan is 100% financing.  There is no private mortgage insurance.  You need to be a Veteran and apply for a certificate of Eligibility

USDA loan is a zero down 100% financed loan. It is a program that helps lower income people purchase homes in rural areas.  In order to use this loan there are income limitations.  Applicants must have income between 50 and 80% of the areas median income. A mortgage person can help determine this. In addition,  the house/condo has to be located in a rural region that is eligible for a USDA loan. You can use this loan lookup tool to find out.  Just type in the address.

The most popular loans available today are the FHA loan and Conventional Loan.  The FHA loan has a minimum down payment of 3.5% and the Conventional loan has a minimum down of 5%.  Both of these loans can be used to purchase condominiums or single family homes, or multi family homes.  FHA has a loan limit of $506,000 currently in 2014.  If your are using an FHA loan to purchase a condominium you need to be sure the condo association is FHA approved.  You can use this FHA loan look up tool to find out.  Just type in the condominium name.

If you would like more information on any of these loans or would like to see if you qualify, you will want to speak with a  mortgage consultant.  Please don’t hesitate to contact me with further questions.


I am a Residential Real Estate Agent. I love my job! I love to help people build wealth by investing in real estate. I help both buyers and sellers in Washington state - primarily King and Pierce Counties. I grew up in the area so I know it well. I graduated with a Business Administration degree with an emphasis in Marketing from the University of Washington. I like to have fun. I enjoy meeting new people, social events and many outdoor activities - soccer, golf, camping, boating, crabbing. In my spare time I like to volunteer and give back to my community. I am the Past President of the Bonney Lake Chamber of Commerce. I am always available for any questions. Please use me as your real estate resource.

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