LoanDepot Zero-Down Program

What is 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.

How much assistance does it provide?

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.

Do you have to pay it back?

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.

Who qualifies?

LoanDepot Zero-Down Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

LoanDepot Zero-Down Program can be used for Single-family.

• New construction is eligible.

Where does it apply?

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

How do you apply?

Applications for LoanDepot Zero-Down Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Contact the administering agency to reserve funds

   Funds are reserved with the provider and are subject to availability.

2. 2

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.