These specific mortgage types allow you to finance 100% of the home's purchase price [1, 2].
: 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]. how to buy your first home with no money
: Programs like Fannie Mae HomeReady or Freddie Mac Home Possible require only 3% down [1]. These specific mortgage types allow you to finance
: Many DPAs offer a second loan at 0% interest to cover the down payment, with payments deferred until you sell or refinance the home. These target rural and suburban homebuyers who meet
If you do not qualify for a VA or USDA loan, you can use a standard mortgage combined with assistance programs to cover the down payment [1].
: 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.
: Costs a few hundred dollars and is paid directly to the inspector at the time of service. Never skip this step.