: Many DPAs offer a second loan at 0% interest to cover the down payment, with payments deferred until you sell or refinance the home.
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 how to buy your first home with no money
Even with a 0% down payment loan, buying a home is rarely 100% free at the closing table [1]. : Many DPAs offer a second loan at
: Costs a few hundred dollars and is paid directly to the inspector at the time of service. Never skip this step. : Costs a few hundred dollars and is
: Nearly every state has a Housing Finance Agency (HFA) offering grants or silent second mortgages to first-time buyers [2].
: Programs like Fannie Mae HomeReady or Freddie Mac Home Possible require only 3% down [1].
: 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].