What Sonoma County loan programs are available for little or no down payment?

Great question There are several different programs which would help you decide on purchase price, and monthly payment and certainly loan qualifying. The minimum down payment to purchase a house anywhere in Sonoma County’s 3.5% which would be on an FHA insured government loan program. If your income is $92,000 per year or lower, and you’re open to purchasing a home in a more agricultural area, you can look at USDA financing which allows you to purchase a house with no money down, literally 100% financing. There is no catch to that particular loan program so long as your income is in with the proper thresholds and you are purchasing a home in a US Department of agriculture certified area only.
Another choice for many would-be home buyers is conventional loan financing. In which case you would need 5% as a down payment. If your purchasing house for $300,000 $15,000 would need to be from your own funds. Try our mortgage payment calculator to see what kind of mortgage payment you could expect.

Each Sonoma County loan program allows for gift money for down payment

No matter which mortgage loan program makes the most sense for you, conventional financing, FHA financing or USDA financing, each program allows for gift funds. That’s right, mom or dad, on uncle, relative etc. can gift you funds to purchase a home. On both USDA and FHA financing, the full down payment can be the gift in other words you don’t have to have any down payment funds in your own name.
Start your home buying process by getting a complementary mortgage rate quote and choosing from the right loan program to meet your needs. You can also give us a call at 707-217-4000 eight.

RELATED MORTGAGE ADVICE FROM SCOTT SHELDON

"A concerned homeowner holding mortgage documents in front of a house, with fluctuating interest rates represented in the background, symbolizing the uncertainty and risks of refinancing."

The Hidden Risk of Lower Interest Rates: Why Refinancing May Not Be as Simple as It Seems

The Hidden Risk of Lower Interest Rates: Why Refinancing May Not Be as Simple as…

"A person standing in front of a 'For Sale' sign outside a suburban house, holding a clipboard and looking uncertain, reflecting hesitation about buying a home. The house has a well-kept lawn and a clear blue sky in the background, symbolizing the decision-making process in home ownership."

4 Signs You’re Not Ready to Buy a House

4 signs you’re not ready to buy a house when it comes to purchasing a…

Modern house with a 'Sold' sign in the front yard, symbolizing successful real estate transactions. In the background, a clipboard with appraisal documents and a magnifying glass emphasizes the importance of accurate property valuations and working with an experienced lender

Why Your Lease is Not a Barrier to Homeownership

For many families considering buying a home, the belief that they cannot proceed because they…

Why Waiting for the Perfect Mortgage Rate Might Cost You More Than You Think

Why Waiting for the Perfect Mortgage Rate Might Cost You More Than You Think

Mortgage rates are constantly fluctuating, especially during periods of economic uncertainty or disruption, such as…

View More from The Mortgage Files:

begin your mortgage journey with sonoma county mortgages

Let us make your mortgage experience easy. Trust our expertise to get you your best mortgage rate. Click below to start turning your home dreams into reality today!