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3 min read May 17, 2023

A Guide on How to Buy a House with No Money Down

Buying a house is one of the most significant financial decisions you’ll make in your life. But if you don’t have enough money for a down payment, it can seem impossible to achieve.

Fortunately, there are ways to buy a house with no money down. In this blog post, we will explore the various options available to make your dream of homeownership a reality.

Ways to Buy a House with No Money Down

» No Down Payment Mortgages: Several lenders offer no down payment mortgages. Making it possible to buy a house without putting any money down. VA loans and USDA loans are examples of no down payment mortgages. However, to qualify for these types of loans, you need to meet specific eligibility criteria.

» First-Time Home Buyer Loans: First-time homebuyer loans with zero down payment are designed to help first-time homebuyers with little or no savings to purchase a home. FHA loans are a popular option, as they require only a 3.5% down payment. Additionally, some state and local programs offer grants and assistance to help with the down payment.

» Zero Down Payment Mortgages: Zero down payment mortgages are similar to no down payment mortgages but are typically available to borrowers with good credit scores. These types of mortgages are riskier for lenders, so borrowers will have to pay higher interest rates and fees.

» Home Loans with No Down Payment: Home loans with no down payment are available for borrowers who meet certain requirements. Some programs offer 100% financing, meaning you can borrow the entire purchase price of the home.

Eligibility Criteria for Ways to Buy a House with No Money Down

To be eligible for a no money down home loan, you must have a credit score of at least 620. And a stable income source. You must also be a first-time homebuyer or a veteran. Or you must be purchasing a home in a designated rural area.

Additionally, you will need to provide proof of income and assets, such as bank statements and tax returns, and undergo a thorough financial review. Meeting these eligibility requirements can increase your chances of qualifying for a no money down mortgage.

Final Word

Buying a house with no money down is possible, but it’s important to remember that these options may have higher interest rates, fees, and stricter eligibility criteria. It’s essential to do your research and understand the terms and conditions of each option before committing to a mortgage.

In conclusion, if you want to buy a house with no money down, explore your options and see what works best for your financial situation. Whether you choose a no down payment mortgage, first-time homebuyer loan, or home loan with no down payment, it’s possible to achieve your dream of homeownership.


What credit score is needed to buy a house with no money down?

Generally, a credit score of at least 620 is considered acceptable for most lenders, but some may require a score of 640 or higher.

How much is a downpayment on a 200k house?

If the lender requires a 10% down payment, the down payment would be $20,000. If the lender requires a 20% down payment, the down payment would be $40,000. However, there are some programs available that allow for a lower down payment or no down payment at all, such as VA loans and USDA loans.

What credit score do you need to buy a mortgage?

In general, most lenders will require a minimum credit score of 620 for conventional mortgages, while FHA loans may accept a credit score as low as 500 with a 10% down payment or a score of 580 with a 3.5% down payment.

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