No Down Payment Mortgage 2026: VA, USDA & Other 0% Down Options
No down payment mortgage 2026: 4 main options for 0% down: (1) VA loans (veterans/military) - best rates, no PMI, (2) USDA loans (rural areas) - income limits apply, (3) Navy Federal (military members) - conventional 0% down, (4) NACA (income-qualified) - no credit score minimum. Save $60,000 down payment on $300K home. Requirements: good credit (620+), stable income, low DTI (<43%). Compare 0% down lenders now. Related: USDA loan guide.
💰 0% Down Payment Savings
$250K Home
$0 Down
Save $50K (20%)
$300K Home
$0 Down
Save $60K (20%)
$400K Home
$0 Down
Save $80K (20%)
4 No Down Payment Mortgage Options
1. VA Loans (Veterans/Military)
✅ PROS
- • 0% down payment required
- • No PMI (save $150-$300/month)
- • Lower rates (0.25-0.50% below conventional)
- • Lenient credit requirements (580+ accepted)
- • No prepayment penalty
- • Seller can pay all closing costs
❌ CONS
- • Only for veterans/active military/spouses
- • VA funding fee 2.15% (can be financed)
- • Property must meet VA standards
- • Longer closing (30-45 days)
Who qualifies: Veterans, active duty military, National Guard, Reserves (90+ days), surviving spouses.
Example:
$300K home, 0% down, 6.00% rate, 30 years = $1,799/month (no PMI). Conventional 5% down = $1,850/month + $225 PMI = $2,075/month. VA saves $276/month = $99,360 over 30 years!
2. USDA Loans (Rural Areas)
✅ PROS
- • 0% down payment required
- • Lower rates (similar to VA)
- • Low mortgage insurance (0.35% annual)
- • Flexible credit (640+ preferred)
- • Seller can pay closing costs
❌ CONS
- • Only for rural/suburban areas (97% of US land)
- • Income limits (varies by county)
- • Must be primary residence
- • Upfront guarantee fee 1% (can be financed)
- • Longer processing (35-45 days)
Who qualifies: Anyone buying in eligible rural area. Income limits: $110,650 (family of 1-4) or $146,050 (family of 5-8) in most areas.
Example:
$250K home, 0% down, 6.00% rate, 30 years = $1,499/month + $73 mortgage insurance = $1,572/month. Conventional 5% down = $1,425/month + $188 PMI = $1,613/month. USDA saves $41/month!
3. Navy Federal (Military Members)
✅ PROS
- • 0% down conventional loan
- • No VA funding fee
- • Competitive rates
- • Fast closing (21-28 days)
- • Excellent customer service
❌ CONS
- • Only for Navy Federal members
- • PMI required (0.50-1.00%)
- • Stricter credit requirements (700+)
- • Lower DTI required (36%)
Who qualifies: Active duty military, veterans, DoD civilians, family members. Must join Navy Federal Credit Union.
4. NACA (Income-Qualified)
✅ PROS
- • 0% down payment
- • No closing costs
- • No PMI
- • Below-market rates
- • No credit score minimum
❌ CONS
- • Very long process (6-12 months)
- • Extensive financial counseling required
- • Income limits apply
- • Must attend workshops
- • Limited lender options
Who qualifies: Low-to-moderate income buyers. Must complete NACA program (workshops, counseling, budget review).
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Comparison: Which 0% Down Loan Is Best?
| Feature | VA Loan | USDA Loan | Navy Federal | NACA |
|---|---|---|---|---|
| Down Payment | 0% | 0% | 0% | 0% |
| PMI/MI | None | 0.35% annual | 0.50-1.00% | None |
| Credit Score | 580+ | 640+ | 700+ | No minimum |
| Income Limits | None | $110K-$146K | None | Varies |
| Location | Anywhere | Rural only | Anywhere | Anywhere |
| Eligibility | Veterans/Military | Anyone | Military/DoD | Anyone |
| Closing Time | 30-45 days | 35-45 days | 21-28 days | 6-12 months |
| Best For | Veterans | Rural buyers | Military | Low income |
Frequently Asked Questions
Can I buy a house with no down payment?
Yes! 4 main options for 0% down: (1) VA loans (veterans/military) - best option, no PMI, lower rates, (2) USDA loans (rural areas) - income limits apply, low MI, (3) Navy Federal (military members) - conventional 0% down, requires PMI, (4) NACA (income-qualified) - no credit score minimum, very long process. Best option: VA loan if you qualify (no PMI = save $150-$300/month). Second best: USDA if in rural area. Compare 0% down lenders.
Is 0% down a good idea?
Pros: (1) Buy now instead of waiting years to save, (2) Save $60K down payment on $300K home, (3) Build equity through appreciation, (4) Lock in rate before it rises. Cons: (1) Higher monthly payment (no down payment = larger loan), (2) PMI required (except VA/NACA), (3) Less equity = harder to refinance, (4) Risk of being underwater if market drops. Best for: Veterans (VA loan = no PMI), buyers in appreciating markets, those with stable income. Not for: Buyers with unstable income, those planning to move in 2-3 years.
What credit score do I need for 0% down?
Depends on loan type: (1) VA loan: 580+ (most lenient), some lenders accept 550+, (2) USDA loan: 640+ (preferred), some accept 620+, (3) Navy Federal: 700+ (stricter), (4) NACA: No minimum (but must show payment history). Best rates: 740+ credit score = save 0.50-0.75% on rate ($90-$135/month on $300K loan). Improve credit fast: Pay down credit cards below 30% utilization, dispute errors, become authorized user. Get pre-approved to see your options.
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