Can I Buy a Home with Zero Down Payment?

Think buying a home means you need a big savings account?

Good news- you may be able to buy a home with zero down payment.

Many first-time and repeat buyers are surprised to learn that there are loan programs designed to help you purchase a home without putting any money down. Understanding your options is the first step toward turning your homeownership goal into reality.

Zero-Down Home Loan Programs

VA Loans

If you’re an active-duty service member, veteran, or qualifying spouse, a VA loan may allow you to buy a home with no down payment. These loans are backed by the Department of Veterans Affairs and come with flexible credit requirements and no private mortgage insurance (PMI)- helping you save even more.

USDA Loans

The USDA loan program, backed by the U.S. Department of Agriculture, offers 100% financing for eligible buyers in rural and some suburban areas. If you meet income and location guidelines, this loan could help you purchase a home without any down payment at all.

Low Down Payment Alternatives

Even if you don’t qualify for a zero-down loan, there are still low down payment options that can make homeownership more accessible:

• FHA Loans- Require as little as 3.5% down and offer flexible approval criteria.

• Conventional 97 Loans- Backed by Fannie Mae and Freddie Mac, allowing as little as 3% down for qualified buyers.

You can also explore state or local down payment assistance programs that may cover part (or all) of your upfront costs.

The Bottom Line

Buying a home with zero down payment isn’t just a dream- it’s possible if you qualify for the right program. Whether it’s a VA, USDA, or low down payment loan, working with an experienced real estate professional and a knowledgeable lender can help you find the best fit for your situation.

Ready to Find Out What You Qualify For?

Let’s explore your financing options and take the next step toward your new home. Contact me today to connect with local lenders who specialize in zero and low down payment programs.

Written by Kelly Jones, Real Estate Professional.