Yes, you can get a mortgage with nothing down.

If the only thing standing between you and buying a home is the lack of a down payment, Consumers offers several programs that allow you to buy with zero dollars down while keeping your monthly costs manageable.

0% Down Mortgages and At Your Service (AYS): What’s the Difference?

Our two zero-down options offer different benefits depending on your profession and financial situation.

0% Down Mortgages

Available to qualifying members, this program allows buyers to purchase a home with no down payment. These loans do not require private mortgage insurance (PMI), which helps reduce the monthly payment compared to many other zero-down options.

At Your Service (AYS) Mortgages

At Your Service mortgages support qualifying public service employees, including police officers, firefighters, EMS providers, dispatchers, teachers and nurses.

AYS offers:

• 0% down payment
• No PMI
• A lower interest rate than our standard 0% down program
• No underwriting fee

If you work in public service, AYS may offer the best overall value thanks to the lower interest rate and reduced upfront costs.

0% Down Options for Advanced Medical Professionals

Consumers also offers a zero-down option tailored specifically to advanced medical roles, including:

• Doctors (MD and DO)
• Dentists
• Physician Assistants (PA)
• Nurse Practitioners (NP)
• Certified Registered Nurse Anesthetists (CRNA)

Note: This program does not incude all medical professionals.

Nurses who are not NPs or CRNAs are not eligible for this program but may qualify for AYS, which still offers 0% down, no PMI and reduced fees.

Our Advanced Medical Mortgage program helps address the student loan burden often carried by advanced medical providers by excluding student loan payments from the debt-to-income calculation.

Financing details:

• 0% down for homes up to $750,000
• 5% down for home purchases above that amount
• Fixed or adjustable-rate options available

How 0% Down Mortgages Compare

Zero-down mortgages work similarly to standard mortgages. You will still complete an application, undergo credit and income qualification and the home must appraise properly.

It is important to understand:

There are still closing costs and prepaids.

Even with no down payment, buyers need to be prepared for:

• Closing costs
• Escrow setup for taxes and insurance
• Other prepaid expenses

Your mortgage loan officer can walk you through what to expect and help you prepare.

Monthly payments compare favorably thanks to no PMI

Interest rates on zero-down programs are typically higher than rates for traditional mortgages with a down payment.

However, because these programs do not require private mortgage insurance, the monthly payment often comes out closer than many buyers expect. In some cases, the total monthly cost may even be lower than other low-down-payment mortgages that require PMI.

We’re here to answer your mortgage questions

Whether you are a first-time home buyer or an experienced borrower, navigating the mortgage process is easier when you have someone you trust by your side. Our mortgage loan officers are here to answer your home loan questions, explain your options and help you choose the program that fits your needs.

Let us get you into the home of your dreams—even if you do not have a down payment saved.

 

All loans subject to approval. Rates, terms, and conditions are subject to change may vary based on credit worthiness, qualifications and collateral conditions.