: Lenders allow you to use cash gifted from family members, a spouse, or domestic partner to cover 100% of that 3% to 3.5% down payment [1, 2]. 🛑 Hidden Costs to Prepare For
If you cannot find a zero-down loan, you can combine a low down payment loan with financial gifts from approved sources [1]. how to buy your first home with no money
: Some programs give you the down payment as a gift that you never have to pay back, provided you stay in the home for a set number of years. : Lenders allow you to use cash gifted
These specific mortgage types allow you to finance 100% of the home's purchase price [1, 2]. These specific mortgage types allow you to finance
: Guaranteed by the Department of Veterans Affairs [1, 2]. Available to active-duty service members, veterans, and eligible surviving spouses [2]. They require no down payment and no monthly mortgage insurance [1, 2].
: 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.