How much do I need for a down payment?

We have programs that are anywhere from zero down to 3% – 3.5% down. 

Down Payment Assistance

Starting with zero down programs, we have a Down Payment Assistance Program (DPA) that works in connection with conventional and FHA financing to either gift or lend the money for the down payment. You do not have to be a first-time home buyer to qualify, and 100% financing is available to eligible borrowers. 

USDA Loans

The other zero down program is USDA financing. Sometimes referred to as a rural development loan, USDA loans are designed to stimulate growth in smaller communities and less populated areas. Cities near the Wichita, Kansas metro area that may qualify include Maize, Park City, Valley Center, Clearwater, Garden Plain, Mulvane, Benton, and homes in Andover.*

Additionally, borrowers do not have to be a first-time homeowner to qualify. New construction properties and FHA approved condos may be eligible under the USDA loan program. 

VA Loans

VA loans are also zero down. VA loans help Armed Forces members, veterans, and eligible surviving spouses become homeowners with special financing options. There are no down payments or mortgage insurance required and VA loans can be used for up to 100% loan-to-value (LTV)… aka zero down. Purchase and refinancing options are available with VA loans and seller paid closing costs are allowed. 

Conventional Loans

Another loan solution we offer is known as a 3% Down Payment Conventional Mortgage. Benefits of this loan include a 3% minimum down payment, no income limits, and reserves (if required by DU) may be gifted.

FHA Loans

Insured by the Federal Housing Administration, FHA loans help buyers save up-front costs through lower down payments and secured interest rates. FHA allows for 3.5% down on loans for single family and multi-family homes. 

Indian Home Loan Guarantee Program (Section 184)

This program provides opportunities for home ownership for Native Americans, Tribes, Tribally Designated Housing Entities (TDHEs), and Indian Housing Authorities on Indian land. Section 184 requires 2.25% down. To qualify for this benefit program, borrowers must be a Native American/ American Indian in the process of buying a home that will be their primary residence. Borrowers or their family member(s) must also be enrolled in a federally recognized American Indian tribe or Alaska Native village.

The best way to determine which loan may be a good fit for you is to call us so we can discuss your specific situation.  Our team reviews all options available to you and will work with you to discuss the loans you qualify for, the advantages and disadvantages of each.

*Per USDA eligibility map, April 2021, Eligibility (usda.gov)