Buying a home with no money down is possible through specialized loan programs and government assistance [1].
These specific mortgage types allow you to finance 100% of the home's purchase price [1, 2]. how to buy your first home with no money
: These typically range from 2% to 5% of the loan amount [2]. They cover lender fees, title insurance, and appraisals [2]. You can ask the seller to pay these (seller concessions) or roll them into some loan types [2]. Buying a home with no money down is
: Costs a few hundred dollars and is paid directly to the inspector at the time of service. Never skip this step. They cover lender fees, title insurance, and appraisals [2]
: A good faith deposit (usually 1% to 2% of the purchase price) submitted with your offer [2]. This is usually credited back to you at closing, but you need the cash upfront.
: Offered by private lenders to physicians, dentists, and sometimes lawyers or CPAs. These often allow 0% down with no private mortgage insurance (PMI) based on high future earning potential. 💰 Down Payment Assistance (DPA)
: Backed by the U.S. Department of Agriculture [1, 2]. These target rural and suburban homebuyers who meet specific income limits [1, 2]. The property must be located in an eligible rural area [1].