Buying A House Without A Downpayment -

: Most programs allow family members to "gift" you the money needed for closing costs, provided you have a formal gift letter stating it doesn't need to be repaid. Program Type Min. Down Payment Typical Min. Credit Score Income/Location Limits VA Loan 580–620+ None (Service-based) USDA Loan 640 (Streamlined) Yes (Location & Income) FHA Loan 580 (for 3.5% down) Conventional Some programs only

: FHA loans normally require 3.5% down for credit scores of 580+. However, lenders like Guild Mortgage offer programs that combine an FHA loan with a forgivable second mortgage to cover the 3.5% requirement. buying a house without a downpayment

: Approximately 97% of U.S. land mass is eligible, including many suburban towns outside major metros. : Most programs allow family members to "gift"

: Total household income generally cannot exceed 115% of the area median ($119,850 for a family of 1–4 in most areas). Credit Score Income/Location Limits VA Loan 580–620+ None