Mortgage Loans

Zero Down Purchase Program

No Down Payment. No Problem.

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The Zero Down Purchase Program from People Driven Credit Union helps eligible Michigan homebuyers purchase a primary residence with up to 100% financing. That means qualified buyers may be able to buy a home without making a down payment. This program may be a good fit if you have strong credit, steady income, and are ready to buy a home but have not saved a large down payment.

Membership eligibility requirements apply, with approval is subject to application, credit approval, income verification, property approval, and underwriting requirements. Other costs may still apply.

People Driven Credit Union was named a 2026 MemberXP Best of the Best Award winner for Best Mortgage Loan Experience.

Saving for a down payment can delay your dreams of homeownership—but it doesn’t have to. People Driven Credit Union’s Zero Down Purchase Program gives you the power to buy a home with up to 100% financing. Whether you’re a first-time buyer or just starting over, this program helps you skip the savings struggle and start building equity now.

Membership eligibility requirements apply, with approval subject to application, credit, and property considerations.

How the Zero Down Program Works

Qualified buyers can finance the full purchase price of a home—meaning you don’t need a down payment to get started. With fixed and adjustable-rate mortgage options available, you’ll have the flexibility to choose what fits your life and your budget.

Key Benefits

100% financing on primary residences
No Private Mortgage Insurance (PMI)
Loan amounts up to $350,000
Fixed-rate and ARM options available
Competitive interest rates with no special LLPAs
Origination fee: 1.5% of the loan amount
Minimum credit score: 740
Maximum debt-to-income ratio: 37%

Mortgage insurance may be required based on borrower profile. Applications accepted beginning July 22, 2025. Program availability is subject to change without notice.

Who’s Eligible?

This program is open to both first-time and repeat homebuyers purchasing a primary residence. Available statewide in Michigan. If saving for a down payment has been holding you back, this could be your opportunity to finally own a home.

How the Zero Down Purchase Program works

The Zero Down Purchase Program allows qualified borrowers to finance up to 100% of the purchase price of an eligible primary residence. You can choose from available fixed-rate and adjustable-rate mortgage options based on your goals, budget, and approval qualifications.

Zero down does not mean zero cost. Buyers may still need funds for items such as closing costs, prepaid taxes, insurance, inspections, or other homebuying expenses. Your mortgage loan officer can help you review the full estimated cost before you move forward.

Best for

The Zero Down Purchase Program may be a good fit for eligible borrowers who are ready to buy but do not want to delay homeownership while saving for a down payment.

Eligible Michigan homebuyers purchasing a primary residence
First-time homebuyers who meet program requirements
Repeat buyers who meet program requirements
Borrowers with strong credit and steady income
Buyers who want to compare fixed-rate and adjustable-rate options
Members who want to preserve savings for moving, repairs, furniture, or other homeownership costs

Loan details

Here is a quick look at how the Zero Down Purchase Program works.

Feature	Zero Down Purchase Program
Program type	Conventional mortgage purchase program
Financing	Up to 100% financing for eligible borrowers
Down payment	No down payment required for qualified buyers
Property use	Primary residence only
Availability	Available statewide in Michigan
Buyer type	First-time and repeat homebuyers may be eligible
Maximum loan amount	Up to $350,000
Minimum credit score	740
Maximum debt-to-income ratio	37%
Loan options	Fixed-rate and adjustable-rate options may be available
Mortgage insurance	Review program guidelines with your mortgage loan officer
Approval	Subject to credit approval, property approval, income verification, and underwriting requirements

What zero down means

Zero down means eligible borrowers may be able to finance the full purchase price of the home without making a down payment.

It does not mean there are no other homebuying costs. Buyers should be prepared to review closing costs, prepaid expenses, homeowners insurance, property taxes, inspections, moving costs, and other expenses that may come with buying a home.

Your mortgage loan officer can help you understand your estimated payment, cash needed to close, and whether this program fits your budget.

Who may qualify?

The Zero Down Purchase Program is designed for qualified borrowers purchasing a primary residence in Michigan. Eligibility depends on your full application, including credit, income, debt-to-income ratio, property type, loan amount, and underwriting requirements.

Must be purchasing an eligible primary residence
Must meet credit score requirements
Must meet debt-to-income requirements
Must meet income and underwriting requirements
Property must meet program and approval guidelines
Membership and eligibility requirements apply

Zero Down Purchase Program vs. other mortgage options

The Zero Down Purchase Program is one of several mortgage options available through People Driven Credit Union and Member First Mortgage. The right fit depends on your down payment, credit profile, income, property type, and long-term plans.

Mortgage Option	Best For	What to Know	Learn More
Zero Down Purchase Program	Eligible Michigan buyers who want to purchase with no down payment	Strong credit, DTI, property, and underwriting requirements apply.	You’re viewing this option
HomeReady® Mortgage	Eligible borrowers who want a low down payment conventional mortgage option	Income limits, property requirements, and underwriting guidelines apply.	View HomeReady® Mortgage Loans
Home Possible® Mortgage	Eligible low-to-moderate income borrowers who want a low down payment conventional mortgage option	Income limits and property requirements apply.	View Home Possible® Mortgage Loans
FHA Mortgage Loan	Eligible borrowers who want a lower down payment and more flexible credit guidelines	FHA mortgage insurance premiums and FHA guidelines apply.	View FHA Mortgage Loans
Conventional Fixed Rate Mortgage	Borrowers who want predictable principal and interest payments	Down payment, PMI, and underwriting requirements vary by borrower and program.	View Fixed Rate Mortgage Loans

How to apply for the Zero Down Purchase Program

You can start by requesting a personalized quote or applying online. A mortgage loan officer can help you review your eligibility, compare loan options, and understand your estimated payment and cash needed to close.

Request a personalized mortgage quote
Review your credit, income, and debt-to-income ratio
Discuss fixed-rate and adjustable-rate options
Gather income, asset, and identification documents
Submit your mortgage application for review
Review your approved loan terms before moving forward

Get Your Personalized Quote

Documents you may need

When you apply for a mortgage, you may need documents that help verify your identity, income, assets, employment, and insurance information.

Driver’s license or state-issued ID
Most recent 30 days of pay stubs
Last 2 years of W-2 forms
Last 2 years of federal tax returns, if requested
Most recent 2 months of bank statements, including all pages
Documentation for any additional income sources, if used
Contact information for your homeowner’s insurance agent, if applicable

Additional documentation may be requested based on your loan type, income, property, or financial situation.

Let’s Get You Home

Don’t let a down payment stand between you and your new home. The Zero Down Purchase Program is designed to help you move forward with confidence—and without the upfront cost. We’re here to walk you through every step.

Contact us today to speak with a lending expert and start your path to homeownership:

Membership and mortgage eligibility

The Zero Down Purchase Program is available to qualifying People Driven Credit Union members. Membership is open to those who live, work, worship, or attend school in Michigan, plus relatives of current members.

A $5 Membership Share Savings deposit establishes membership. Membership and eligibility requirements apply. Mortgage approval is subject to credit approval, property approval, income verification, and underwriting requirements.

People Driven Credit Union is an Equal Housing Opportunity Lender. NMLS #776727.

Disclosures

Equal Housing Lender. Member First Mortgage, LLC (MFM) NMLS ID# 149532. All loans are subject to credit approval. Terms and conditions apply. Program availability is subject to change without notice.

Available to all members using a conventional mortgage loan program on a purchase transaction with People Driven Credit Union in the State of Michigan. Not eligible on multi-unit properties, condos, townhomes, or manufactured houses. The Loan Example is current as of 9/9/2025 and based on a $200,000 loan amount with a conventional 30-year fixed rate term (360 monthly principal and interest payments of $1,231.43); 0% Down Payment; 6.25% Interest Rate with an Annual Percentage Rate (APR) of 6.465%. Rates quoted assume excellent borrower credit history. Payment example does not include taxes and insurance; the actual payment obligation will be higher. The cost of Private Mortgage Insurance (PMI) is waived as part of this promotion, to be paid by the Lender. This is not a commitment to lend. All lending products are subject to credit and property approval. Additional restrictions may apply. Member First Mortgage, LLC (MFM) is a partner of People Driven Credit Union. Michelle Dzon #401292, is authorized to act as agent of People Driven Credit Union (24333 Lahser Road, Southfield, MI 48033 | (248) 263.4100 | NMLS ID: 776727) and is authorized to represent Member First Mortgage, LLC, a licensed Mortgage Lender/Servicer (Corporate Office: 616 44th Street SE, Grand Rapids, MI 49548 | (616) 538.1818 | NMLS ID: 149532). For licensing information, please visit www.nmlsconsumeraccess.org. Equal Housing Opportunity.

SAFE Act Compliance Testing:
We conduct annual independent testing of our mortgage compliance in accordance with the SAFE Act (Reg G) requirements.

All other trademarks are the property of their respective owners.

People Driven Credit Union is an Equal Housing Opportunity Lender NMLS #776727

Membership Requirement

All accounts and loans require membership at People Driven Credit Union. Membership is available to individuals who live, work, worship, or attend school in the State of Michigan, as well as relatives of current members. To complete an application for any account or loan, you will need the following information:

A valid Driver's License, State ID, or Passport with your current address
Your Social Security Number

A Membership Share Savings Account is required to establish membership at People Driven Credit Union. A $5 deposit secures your ownership share in the credit union and unlocks access to our full suite of products and services. This account earns 0.01% APY with a $5 minimum deposit.

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