The no down payment loan is designed to offer homeownership
opportunities to individuals with good credit but who lack the
ability or desire to make a down payment on a home. It provides an
option for those who wish to invest their savings in assets other
than their home. The fixed rate loan is available for purchase,
construction, or purchase/ home improvement of an owner occupied
primary residence.
While no down payment is required, you must have 3% in the
transaction. These funds are applied toward your closing costs and
may come from your own funds, a gift from a relative, grant, or sale
of assets you own.
