LoanDepot Zero-Down Program

LoanDepot Zero-Down Program is a grant for homebuyers in Texas. loanDepot's accessZERO program combines a standard FHA 30-year first mortgage with a fully amortizing 10-year second mortgage covering up to 5% of the purchase price for the down payment and closing costs. The second mortgage is repayable (not forgivable), fully amortized over 10 years. Minimum credit score of 600 required and maximum DTI of 43%. Available to first-time and repeat homebuyers. Zero down payment required. Up to 5% DPA as 10-year repayable second mortgage. No AMI income restrictions. Available nationwide except New York. Funding comes from Private Lender.

LoanDepot Zero-Down Program provides assistance worth 5% of the purchase price, as set by the program. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

LoanDepot Zero-Down Program is structured as a grant, so it is not repaid. Repayment is triggered by Sale, Refinance, and Maturity. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

LoanDepot Zero-Down Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. The program lists a minimum credit score of 600. Citizenship or immigration status: yes.

LoanDepot Zero-Down Program sets its income limit as follows: No AMI income limits; borrowers must qualify for FHA loan and meet DTI requirements. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

LoanDepot Zero-Down Program can be used for Single-family. New construction is eligible.

LoanDepot Zero-Down Program serves homebuyers purchasing anywhere in Texas.

Applications for LoanDepot Zero-Down Program go through the administering agency, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.