Is a there zero down payment program?
I mean, nothing, no down payment, 100% financing. No out of pocket loan program*? YES, and it's not one of those sub-prime mortgages that have gotten so many people in trouble. It's the USDA home loan!
Read more on the USDA (RHS) on the USDA program page.
Use the PA USDA loan calculator on the right to estimate the USDA loan amount and monthly payment. Use this example:
Sales price = $100,000
Down Payment = "0"
Closing Costs = $3,000
Escrow & Prepaid Costs = $3,000
Seller Assistance = 6%
The PA USDA loan calculator has been updated with the "new" guarantee fee of 2% effective October 1, 2011. The monthly mortgage insurance fee is based on the new monthly percentage of .003. The new monthly "mip" fee is calculated by averaging the principal balance for a 12 month period. This calculator will estimate the monthly fee at .003 X the mortgage amount, divided by 12 months. In short, the resulting monthly fee is a bit higher than it should be. Future releases will make the correct calculation.