$0 Down Purchase Mortgage

Oct 11

Written By Sean Mertens

No money for a down payment? No Problem!

3% Down Payment Assistance Available - Unlock a $0 Down Home Purchase

Get 3% up to $15,000 towards a down payment. You can also combine it with your down payment for a total of 5% down.

Regular Conventional Mortgage on the 1st Mortgage

2nd Mortgage (Down Payment Assistance) has NO INTEREST and NO PAYMENTS NEEDED

Who Qualifies

Buyers are eligible if they are below 80% of the Area Median Income. Must a have 700+ FICO. You do NOT need to be a first-time homebuyer. Reach out to see if you qualify.

Why this is better than other down payment assistance options

Most down payment assistance options come with a catch. Most have an added monthly payment, or do not require payments but generate interest and increase in the amount owed. This does not work like that.

The down payment assistance option just sits there at the same amount that it starts at. If you sell the home or pay off the 1st mortgage then the original amount of the down payment assistance is due.

Realistic Scenario

Homes are expensive in CA. Lots of properties are too expensive to qualify for the purchase, but also be below 80% AMI. HOWEVER, homes under $500k work great with this down payment assistance. Condos are eligible and this could be a great tool to buy a Condo with $0 down!