If you want to buy a house with no money, there are two big expenses you’ll need covered: the down payment and closing costs. Click to see your ZERO down eligibility (Sep 29th, 2021) Rates for 30-year loans, 15-year loans, and 5-year ARMs are historically cheap, which has lowered the monthly cost of owning a home. Mortgage insurance premiums typically accompany low and no down payment mortgages, but not always.įurthermore, mortgage rates are still low. Other options, including the FHA loan, the HomeReady mortgage, and the Conventional 97 loan, offer low down payment options with a little as 3% down. A no-down-payment mortgage allows first-time home buyers and repeat home buyers to purchase property with no money required at closing, except standard closing costs.
