No Down Payment? No Problem. Explore Flexible Home Financing Options

Think you need to have a 20% down payment saved before even looking for a home? Think again! 

If saving up cash has been holding you back from starting your homebuying journey, we have good news: you don’t need to have a massive down payment to make homeownership happen. In fact, many homeowners put down much less, and some even qualify for $0 down payment loans. 

Yes, you read that right! Wright-Patt Credit Union^® (WPCU^®) offers flexible and affordable financing, including no and low down home loan options to help put homeownership within reach. 

Flexible Home Financing Options

Here’s another fact most people don’t realize: credit unions like WPCU have just as many mortgage options as big banks. Because our loan decisions are made locally, we can take a more personalized approach and look at the full picture of your finances. As a result, our financing is often more flexible to fit our members’ needs. 

One of the most unique and affordable options available through WPCU is our No Down Payment, No PMI Home Loan, featuring: 

• $0 down payment required
• No private mortgage insurance (PMI), which can save hundreds on your monthly payments 
• A more affordable path to homeownership 

WPCU also offers government-backed loan options, including FHA, VA and USDA loans, which are designed to make homebuying more affordable for qualified buyers. 

Beyond the Down Payment: Closing Costs and More

While you may not need a huge down payment, it’s still important to plan ahead for other “hidden” costs of buying a home:

• Closing costs: Generally, experts recommend saving between 2% to 5% of the home’s total purchase price. These costs can include things like fees, appraisals and inspections. 
• Moving expenses: It’s a good idea to set aside money for moving trucks and boxes, as well as an emergency fund for unexpected repairs once you move in. 
• Lease fees: Timing doesn’t always work perfectly. If you’re currently renting, you may need to plan for costs that could arise when you end your lease early, such as remaining rent, utilities or cleaning fees.

WPCU offers programs and assistance to help homebuyers cover closing costs and down payments, including: 

• WPCU^® Sunshine Community Fund^® Pathways to Homeownership, providing education, resources and assistance with down payment and closing costs for eligible buyers. 
• BrightStart™ Down Payment Assistance Program, a matching grant that offers up to $2,500 towards closing costs and down payment assistance for qualified first-time buyers. 

Homeownership Is Closer Than You Might Think

Don’t let the idea of saving for a big down payment stand in the way of your homebuying journey. As your caring financial partner, WPCU is here to help at every step with personalized guidance, resources and support. 

Meet with one of our experienced, knowledgeable Mortgage Loan Originators to explore your options and learn if WPCU’s no and low down payment home loan solutions could be right for you.