How to Buy a House with No Money Down: 4 Proven Ways

Are you dreaming of buying a home but don’t have the savings for a down payment? The good news is, it’s possible to buy a house with no money down! In this guide, we’ll explore four proven ways to achieve 100% financing through government-backed mortgage programs and credit union loans. Whether you’re a first-time homebuyer or a real estate investor, these strategies can help you get into a home without breaking the bank.

FHA Down Payment Assistance (DPA) Loan

The FHA DPA loan is an excellent option for buyers who don’t have the 3.5% down payment typically required for an FHA loan. With this program, you can finance the down payment, meaning you can buy a home with no money out of pocket.

Key Benefits:

• Minimum credit score of 580 required.
• Can be used for 1-4 unit multifamily properties.
• Seller concessions up to 6% can cover closing costs.

If you’re interested in this program, consider working with a trusted lender like Orion Lending, which offers competitive rates and terms.

VA Mortgage Loan

If you’re a veteran or active-duty military member, the VA loan is one of the best ways to buy a house with no money down. This government-backed program offers 100% financing and eliminates the need for private mortgage insurance (PMI).

Key Benefits:

• No down payment required.
• No PMI, saving you hundreds per month.
• Can be used for 1-4 unit properties.
• Seller concessions up to 4% can cover closing costs.

VA loans are a fantastic way to achieve homeownership with minimal upfront costs.

Navy Federal Credit Union HomeBuyers Choice Loan

Navy Federal Credit Union offers a unique conventional loan program that allows eligible members to buy a home with no money down and no PMI.

Key Benefits:

• No down payment or PMI required.
• Seller concessions up to 6% can cover closing costs.
• Available for single-family homes.

While the interest rates may be slightly higher, the ability to buy a home with no money down makes this an attractive option for military members and their families.

USDA Mortgage Loan

The USDA loan is designed to encourage homebuyers to move to rural and suburban areas. This program offers 100% financing and low interest rates, making it an excellent choice for those willing to live outside urban centers.

Key Benefits:

• No down payment required.
• Seller concessions up to 6% can cover closing costs.
• Low interest rates compared to other loan programs.

To check if a property qualifies for a USDA loan, visit the USDA website and enter the address.

How to Buy a House with No Money Down is Possible

Buying a house with no money down is entirely possible if you know where to look. Whether you qualify for an FHA DPA loan, a VA loan, or a credit union program, these options can help you achieve homeownership without a hefty down payment.

Remember, your credit score, income, and debt-to-income ratio play a significant role in qualifying for these programs. If you’re ready to take the next step, consult with a trusted loan officer to explore your options.