No Money Down Loan
There are two no money down mortgages. The first is the VA loan for veterans and active military and the other is a USDA Rural Development Loan.
USDA Loan Restrictions
The two main considerations for a USDA loan is the income limit and the location restrictions. The income limit is calculated using everyone living in the house together even though they are not on the loan however only those on the loan can use their income towards qualifying.
USDA Loan Eligible Areas
To see the maps where you can get a USDA loan make sure to check out ----> USDA Eligible Area Maps where you can search different USDA eligible areas and even plug in a specific address to see if its eligible or not.
USDA Loan Guidelines
A couple more things about USDA loans is first they only offer a 30 year fixed loan which is good because most people are looking for stability these days. You cant own another house nearby or use this to buy a second home. The house itself must be in move in ready shape. There are several ways to handle repairs if needed but you cant get money from the loan itself for repairs.
USDA Loan Credit Score
There is no minimum credit score. Most investors require 620 and in some cases you can even go lower with my company. If you need a mortgage I would love to be your lender. I specialize in No Money Down USDA loans and first time homebuyers.