Yes Crystal – it IS possible. You may be able to purchase a home with NO money down. You can finance the entire purchase price. However, The only true 0% down payment loan is a VA loan. The VA does not require qualifying veterans to have a down payment for the purchase of their home. (there are other requirements for VA). And HUD currently offers $100 (yes only $100) down loans on specific properties. Other options to obtain financing to achieve 100% financing are down payment assistance programs, government subsidized grants and gift money from relatives – that will allow you to finance up to 96.5% of the purchase price.
Sometimes there are homebuyer classes and income limits that are required to qualify for those programs. Some programs have funds available that have to be paid back, some are grants that are forgiven after a period of time.
So, even if you have have no money to put down, there are still options for homeownership!
