Most homebuyers think you have to have a lot of money in the bank or come in with a big down payment to buy a home. That’s just not true. Today I want to share four loan programs you may qualify for that don’t require a down payment:

1. A VA Loan. This loan is only for people who have served in the military or been in the national guard for six years. You will typically need a credit score of 620 to qualify, but these loans offer great benefits and interest rates.

2. Rural housing. This zero-down program comes from the United States Department of Agriculture, and it applies to homes in rural areas. The areas around St. George that would qualify for this program are Ivins and outwards, Hurricane and outwards, and all of Cedar City. You will need around a 600 credit score, and there are some income limits. 

“The Guild grant gives you a second mortgage that can be forgiven if you make your payments on time.”

3. Utah housing. This program is specific to Utah, and it works with a normal FHA loan. On that first mortgage, you’ll have a down payment of 3.5%, but this program will give you a second mortgage to cover that down payment. You need a credit score of 660 or better, but it’s a great option in this area.

4. Guild grant. We offer this grant program here at Guild Mortgage. It gives you a second mortgage of 3.5% that can be forgiven if you make the first mortgage’s payments on time for the first 36 months. You only need a credit score of 620, but it’s an amazing grant that we love to offer to our clients.

5. Gifted money. This bonus option is to simply ask for cash gifts to use as a down payment. Let’s say that you’re having a wedding. Instead of asking for gifts, you could ask for cash instead.

We would love to help you with any questions you have. If you’re concerned about qualifying or your credit score is a little low, we can make a plan to solve that. Even if you’re not planning on buying for a while, we’d love to connect with you now and build you a roadmap. Feel free to call, email, or schedule a time to meet us here.


NMLS ID #309670, I am authorized to do business in the state of Utah. Guild Mortgage Company; Equal Housing Opportunity; NMLS #3274. nmlsconsumeraccess.org. All loans subject to underwriter approval. Terms and conditions apply, subject to change without notice. For more licensing information, please visit Licensing.