: Check if your employer offers housing grants or forgivable loans as a job benefit for buying a home near your workplace. 🤝 Low Down Payment Loans + Gift Funds
: 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)
: 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. how to buy your first home with no money
: Costs a few hundred dollars and is paid directly to the inspector at the time of service. Never skip this step.
While a zero-down payment eliminates the upfront cost of the home's purchase price, you will still need to cover closing costs, moving expenses, and earn enough income to qualify for a mortgage [1]. 🏠 Zero-Down Mortgage Programs : Check if your employer offers housing grants
: Lenders allow you to use cash gifted from family members, a spouse, or domestic partner to cover 100% of that 3% to 3.5% down payment [1, 2]. 🛑 Hidden Costs to Prepare For
Buying a home with no money down is possible through specialized loan programs and government assistance [1]. 💰 Down Payment Assistance (DPA) : A good
: Some lenders require you to have 1 to 3 months of mortgage payments sitting in a bank account after closing to prove you will not immediately default.