Little Saved Is Still Enough.
Veteran and rural housing financing on a primary residence, built for buyers who have not put together large savings.
Quick answer
Saxton Mortgage does. At least one USDA rural program we offer starts at a 580 credit score for a purchase, and the property location and household income must meet Rural Housing requirements. Gifts are allowed under Rural Housing guidelines, but they cannot be used for reserves.
Where your closing money can come from
Seller credits and financed agency fees can shrink the cash you bring to the closing table.
- Low cash to close on eligible programs
- Veteran and rural housing financing
- Buyers who have not saved much yet
- On FHA and USDA buys, sellers can pay costs to 6% of price
- Seller-paid closing costs permitted where allowed
- VA seller concessions capped at 4%, normal closing costs not counted*
Low cash to close on eligible programs
Veteran financing for those who have served
Rural housing financing for eligible areas
Guarantee fee financed on USDA loans
No mortgage insurance on veteran financing
Sellers can prepay a year of HOA dues
What is the Saxton Low Cash To Close Loan?
Government-backed financing that does not require money down
The Saxton Low Cash To Close Loan covers the two routes that ask the least of a buyer’s savings: veteran financing for those who have served, and rural housing financing for eligible properties and incomes.
Both routes are built for buyers who have not saved much. Veteran financing generally starts around a 660 credit score. Rural housing financing depends on the property being in an eligible area and on household income limits set for that area.
Seller help has firm limits. FHA counts origination fees, prepaid items, discount points and the upfront FHA premium toward its 6 percent cap, and FHA treats any amount above that as an inducement that lowers the price it will finance. Fannie Mae bars interested party money from covering your reserves, your required contribution or the down payment.
Why choose the Saxton Low Cash To Close Loan?
Built for buyers who can afford the payment but have not built up savings.
Veterans & Service Members
Your earned entitlement is what puts the purchase within reach.
Surviving Spouses
Eligible surviving spouses can use the same entitlement.
Rural & Small Town Buyers
Homes outside metropolitan areas may qualify for rural housing financing.
VA Funding Fee Financed
On a VA purchase at one program, the funding fee may be financed instead of brought to closing in cash*. Veterans with a service-connected disability rating that pays compensation are exempt from the fee.
Moving For Work
Relocating on short notice with savings tied up elsewhere.
Two Routes Worth Knowing
VA and USDA ask the least of a buyer’s savings. Every other route expects more up front.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about buying when you have not saved much.
Saxton Mortgage does. At least one USDA rural program we offer starts at a 580 credit score for a purchase, and the property location and household income must meet Rural Housing requirements. Gifts are allowed under Rural Housing guidelines, but they cannot be used for reserves.
Cash due at closing on a low-cash-to-close loan depends on the program, and VA and USDA purchases require no down payment, so closing costs and prepaid items make up most of what remains. Sellers can cover part of those costs, and USDA and VA both let their upfront fees be financed. We give you a written estimate once you pre-qualify. Learn more about reserves.
A VA loan is open to veterans and to officers of the U.S. Public Health Service and NOAA, with eligibility shown on a Certificate of Eligibility at one program*. VA financing can start from a 500 score at one program*. The property has to be your primary residence.
A USDA home must sit in an area the local USDA office defines as rural and meet HUD minimum property standards. It has to be your owner-occupied primary residence, and your household’s adjusted income, which counts every adult household member, must fall within USDA limits for the area.
Credit minimums for low-cash-to-close loans start at 500 for FHA and VA, 580 for USDA and 620 for conventional loans in our programs*. FHA buyers scoring 500 through 579 need a larger down payment, so we compare every option first.
Veteran financing does not carry monthly mortgage insurance. Rural housing financing carries its own guarantee fee instead, which a licensed loan officer will explain.
Yes, under FHA rules the seller, agent, builder and other interested parties may contribute a combined 6% of the contract price toward your closing costs, prepaids and discount points. One USDA program lets interested parties pay closing costs on purchases to 6% of the price*, and one VA program holds sales concessions to 4%, leaving out normal discount points and closing costs*.
FHA and VA purchases reach up to fourplexes, while one USDA program takes single-unit homes, PUDs, condos and manufactured homes only*. All three programs require you to occupy the home as your primary residence.
Find out what you qualify for
Whether you have served or you are buying in an eligible rural area, there’s likely a Saxton Low Cash To Close Loan option that fits. Get a fast, no-obligation pre-qualification today.
Get Pre-Qualified- Consumer Financial Protection Bureau, buying a house: tools and resources for homebuyers
- Consumer Financial Protection Bureau, mortgages
*Loan amounts, rates, terms, and down payment requirements are subject to credit approval, income and asset verification, and program eligibility. Down payment and cash-out limits vary by occupancy, credit score, and documentation type. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.