Specialty Lenders Group Has A Full Suite
Of Zero Down Payment Mortgages
Welcome to our Zero Down Payment Mortgage Store.
Browse around. We’re sure you’ll find the perfect mortgage.
And let us know if you need help with anything.
Loans With Zero ($0) Down Payment & Loans With $0 Down Out-Of-Pocket
SLG DPA – $0 Down Payment
Out-Of-Pocket
This product consists of an FHA first trust deed of 96.5 %, and a second trust deed of 3.5%, equaling 100% of the purchase price. Standard FHA terms apply to the first. The second trust deed is amortized for 10 years. For example, if the purchase price is $300,000, the borrower would receive a first for $289,500 and a second for $10,500, with nothing out-of-pocket required for down payment.
Other factors:
- Mortgage Insurance: Required, UFMIP of 1.75%, .85 annually
- Minimum Credit Score: 600
- Amortization of 1st TD: Choice of 15 yrs. or 30 yrs.
- Amortization of 2nd: 10 yrs.
- Maximum Loan Amount: Up to $970,800, subject to FHA County Limits
- First Time Buyer: Not required
- Occupancy: Must be owner-occupied
- Gifts: Permitted, must be seasoned
- Maximum Borrowers: 4
- Property Types: SFR, 2-4 Units, Condo, PUDs, Manufactured homes
- Income Limits: No restrictions
- Stacking: Cannot stack with other programs
- Maximum Debt-To-Income Ratio: 50%, with compensating factors
- Concurrent Ownership: Allowed
- Present Housing Expense: Must show
- Closing Costs: 2% – 4%, estimated
Chinoa DPA FHA – $0 Down Payment Out-Of-Pocket
This product consists of an FHA first trust deed of 96.5 %, and a second trust deed of 3.5% equaling 100% of the purchase price. Standard FHA terms apply to the first. The second trust deed can be soft with no repayment, or repayable for a 10 yr. term at 0%, or a 30 yr. term at 5%. For example, if the purchase price is $300,000, the borrower would receive a first for $289,500 and a second for $10,500 with nothing out-of-pocket required for down payment.
Other factors:
- Mortgage Insurance: Required, UFMIP of 1.75%, .85 annually
- Minimum Credit Score: 600
- Amortization of 1st TD: 30 yrs.
- Amortization of 2nd: 10 yrs.
- Maximum Loan Amount: Up to $970,800, subject to FHA County Limits
- First Time Buyer: Not required
- Occupancy: One borrower must be occupy as primary residence, non-occupant co-borrower permitted
- Gifts: Permitted, must be seasoned
- Maximum Borrowers: 4
- Property Types: SFR, 2 Units, Condo, PUDs
- Income Limits: None on repayable 2nd. Less than or equal to 115% of Area Median Income on soft 2nd.
- Stacking: Cannot stack with other programs
- Maximum Debt-To-Income Ratio: Based on credit score and DU findings
- Borrowers: US Citizens, Non Permanent & Permanent Resident Aliens
- Homeowner Education: Required
- Concurrent Ownership – Allowed
- Closing Costs: 2% – 4%, estimated
CalHFA My Home Assistance –
$0 Down Payment Out-Of-Pocket
This product consists of an FHA first trust deed of 96.5 %, and a second trust deed of 3.5% equaling 100% of the purchase price. Standard FHA terms apply to the first. The second trust deed, which caps at $15,000, is “silent” requiring no monthly payment, or repayment, until the home is sold, refinanced, or paid off. For example, if the purchase price is $300,000, the borrower would receive a first for $289,500 and a second for $10,500 with nothing out-of-pocket for down payment, and deferred payments on the 2nd.
Other factors:
- Mortgage Insurance: Required, UFMIP of 1.75%, .85 annually
- Minimum Credit Score: 600
- Amortization of 1st TD: 30 yrs.
- Amortization of 2nd: N/A, 2nd TD is “silent”
- Maximum Loan Amount: Up to $970,800, subject to FHA County Limits
- First Time Buyer: Required
- Occupancy: Must be owner-occupied, non-occupant co-borrowers are not allowed
- Gifts: Permitted, must be seasoned
- Maximum Borrowers: unk
- Property Types: SFR, 2 units, Condo, PUDs, Manufactured Homes (guest houses, granny flats & in-law quarters allowed)
- Income Limits: $188,000 annually
- Stacking: Cannot stack with other programs
- Maximum Debt-To-Income Ratio: 45
- Borrowers: US Citizens, Non Permanent & Permanent Resident Aliens
- Homeowner Education: Required
- Concurrent Ownership – Not allowed
- Closing Costs: 2% – 4%, estimated
USDA – $0 Down Payment
Mortgages For Rural America
97% Of Homes Are In Rural USA!!
This product consists of one loan for 100% of the home’s purchase price, requiring Zero ($0) Down Payment. The USDA mortgage is geographically restricted to less populous areas of the country (35,000 people or less). The good news is that 97% of the USA is in areas with 35,000 or less (including many suburbs and exurbs). Don’t assume your property won’t qualify. Many homes you wouldn’t think of as rural qualify for USDA No Down Payment Financing. Please take a moment and enter the home’s address to verify eligibility here.
Other factors:
- Mortgage Insurance: Required, UFMIP of 1%, .35 annually
- Minimum Credit Score: 640
- Amortization of 1st TD: 15 yrs. or 30 yrs.
- Amortization of 2nd: N/A
- Maximum Loan Amount: Up to $970,800, subject to FHA County Limits
- First Time Buyer: Not required
- Occupancy: Must be owner-occupied
- Gifts: Permitted, must be seasoned and verified
- Maximum Borrowers: N/A
- Property Types: SFR, Condo & Townhomes, PUDs, Approved Modular homes, New Construction homes
- Income Limits: 115% of Area Median Income (for example, in Riverside County, CA, 115% of the Area Median Income for 2022 would be $89,125)
- Stacking: Cannot stack with other programs
- Maximum Debt-To-Income Ratio: 50%
- Concurrent Ownership: No. Must be owner-occupied
- Present Housing Expense: Must show
- Closing Costs: 2% – 5%, estimated. Can be financed into the loan
- Seller Concessions: Up to 6%
VA Loans – $0 Down Payment For Veterans, Active Duty Personnel & Survivors
VA Mortgages are restricted to those who are serving or have served our country. The VA Mortgage covers 100% of the home’s purchase price, and requires No Down Payment. There is no annual mortgage insurance, but a VA Funding Fee is imposed on each loan. Depending on the type of VA loan and prior use, the VA Funding Fee ranges from 2.3% to 3.6% (the VAFF on Interest Rate Reduction Refinance Loans is .50). The VAFF can be rolled into the loan amount.
Other factors:
- Must have a VA Certificate of Eligibility. Check here for COE requirements.
- Minimum Credit Score: VA doesn’t set a minimum credit score. Most lenders who make VA Guaranteed Loans set a minimum score of 620.
- Amortization of 1st TD: 15 yrs. or 30 yrs.
- Amortization of 2nd: N/A
- Maximum Loan Amount: VA has no maximum loan amounts. Subject to qualifying restrictions
- First Time Buyer: Not required
- Occupancy: Must be owner-occupied
- Gifts: Permitted, must be seasoned and verified
- Maximum Borrowers: N/A
- Property Types: SFR, 2 Units, Condo, PUDs
- Income Limits: None.
- Stacking: Cannot stack with other programs except for CalVet.
- Maximum Debt-To-Income Ratio: 41%. Higher DTI ratio permitted with DU approval
- Borrowers: US Citizens, Non Permanent Residents with a work visa & Permanent Residents with a Green Card (Form 1-551)
- Homeowner Education: Not required.
- Concurrent Ownership – In limited cases
- Closing Costs: 2% – 5%, estimated
- Seller Concessions: Max of 4%
CalVet / VA (California Veteran)
$0 Down Payment
Unlike the VA Mortgage, the CalVet arrangement is funded by the State of California. The borrower must have a Certificate of Eligibility and must otherwise qualify for the CalVet Loan. Like VA, there is NO down payment required. The CalVet Mortgage covers 100% of the home’s purchase price. CalVet is more forgiving of borrowers who’ve had credit problems in the past and does not have a minimum credit score requirement. There is no annual mortgage insurance, but a VA Funding Fee is imposed on each loan. Check here for VA Eligibility guidelines.
Other factors:
- Mortgage Insurance: None
- Minimum Credit Score: None
- Amortization of 1st TD: 30 yrs.
- Amortization of 2nd: N/A
- Maximum Loan Amount: Up to $1,213,500. subject to borrower qualification
- First Time Buyer: Not required
- Occupancy: Must be owner-occupied
- Gifts: Permitted, must be seasoned and verified
- Maximum Borrowers: No limit
- Property Types: SFR, Condo, PUDs, Manufactured Homes installed on a permanent foundation, Mobile Homes in a Mobile Home Park (please note that Mobile Homes are not eligible for $0 Down)
- Income Limits: None
- Stacking: VA & CalVet
- Maximum Debt-To-Income Ratio: 41%, with exceptions
- Borrowers: US Citizens, Non Permanent & Permanent Resident Aliens
- Homeowner Education: Not required
- Concurrent Ownership – Not allowed
- Closing Costs: 2% – 5%, estimated
To find out more about SLG’s Zero Down Payment Mortgages,
please contact us today.
Call 855.SLG.FUND (855.754.3863) or inquire below.
Square Peg? Round Hole?
We can help you.