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5 of the best lenders that offer no-down-payment mortgages – CNBC

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Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We earn a commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.

There are many upfront costs when it comes to buying a home, including the down payment. A down payment of 20% has been a long-held rule of thumb for conventional mortgages, but if you go with a VA loan or a USDA loan, you won’t be required to make a down payment at all.

VA loans are loans provided through the U.S. Department of Veterans Affairs and are meant for veterans and service members and their families. USDA loans are offered through the U.S. Department of Agriculture and are meant for those purchasing a home in a qualifying rural area. Both allow borrowers to make a down payment as low as 0%.

A low (or no) down payment can help bring you closer to homeownership even if you don’t have as much money saved up for the purchase as you’d like. Here are some of the best lenders that offer VA loans and USDA loans with zero down. Select evaluated lenders based on the types of loans offered, customer support and minimum down payment amount, among other factors (see our methodology below.)

Best lenders for VA and USDA loans

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Best lenders that offer a VA loan

Navy Federal Credit Union

Navy Federal Credit Union

  • Annual Percentage Rate (APR)

    Apply online for personalized rates

  • Types of loans

    Conventional loans, VA loans, Military Choice loans, Homebuyers Choice loans, adjustable-rate mortgage

  • Terms

  • Credit needed

    Not disclosed but lender is flexible

  • Minimum down payment

    0%; 5% for conventional loan option

Pros

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