Are there any no down payment loans available?  The days of no down payment loans are not totally gone.  What is gone are the days of easy qualifying with no doc loans or messy credit.  There are still no down payments loans available, but only for people who are purchasing primary residence, have full documentation, strong credit and fall under certain categories:

1. First time home buyers - Down payment assistance are available from the State, County and City for first time home buyers with income at 80% or below the median  for their area.  Some programs will even help moderate income buyers with  income above 80% of the median.   Many of these programs offer thousands in down payment assistance and are ideal for a FHA loan.  You'll need a minimum of 620 credit score and you may have to purchase within a certain designated area.   Each entity will have its own requirements.  Check with a knowledgeable Realtor for the county and city you want to reside in and make sure there are still funds available since those programs are based on availability of funds. 

2. Veterans - If you have an eligible status with the VA, you can qualify for a no down payment loan with no PMI.  A veteran with full entitlement available may borrow up to the VA Limit for their county and VA will guarantee 25 percent of the loan amount.  If a veteran has previously used entitlement that has not been restored, the maximum guaranty amount available to that veteran will be reduced accordingly.  You will need a minimum of 620 credit score.

3. USDA (United States Department of Agriculture)Loans  - 100% financing with no mortgage insurance is available if you meet certain household income.  The property must be located in a designated rural area as selected by the RHS (Rural Housing Service) office.  A minimum credit score of 620 is needed.  To determine whether the property is located in a designated rural area,  click here to go to the Rural Development website.

4. Professional Home Loans - Doctors, Dentist, Attorneys, CPAs CEOs, CFOs, CIOs, COOs or executives in direct report to the CEO or Chairman of publicly traded companies and officers reporting to CEO's at Fortune 500 Companies are eligible for a zero down payment loan (100% financing with no PMI).  These loans are typically offered by a few small private banks to professionals in those categories because they are known to have a low risk of foreclosure. You will need a credit score of least 660.